SEC vs. Consensys lawsuit could see official verdict later this year – DiarioBitcoin

According to the lawyer of Consensys, The court accepted the request to expedite the case. The proceedings are expected to begin at the end of the month and conclude on November 26, leaving a verdict by the end of the year or early 2025.

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• The accelerated schedule for the trial between the SEC and Consensys
• The verdict should come by the end of the year or early 2025.
• The demand for the SEC It is based on the fact that MetaMask would be an unregistered broker for the sale of securities
• Besides, Consensys He also sued the SEC to demand clear regulations

Following the official filing of a lawsuit by the U.S. Securities and Exchange Commission (SEC) against Consensys, A court in Texas has already approved the procedure and implemented an accelerated timeline for the legal dispute, which could well be resolved with a verdict by the end of 2024 or early next year.

The revelation was made by the lawyer of Consensys, Bill Hughes, who indicated in a message on his X account that a judge in Texas approved addressing the lawsuit in an accelerated manner, and has already assigned a schedule for the dispute that will take place between the SEC and the service company Blockchain. Legal proceedings are expected to begin later this month and conclude by November 26.

In this regard, we read:

Judge O’Connor granted our request.tud of consider the merits of our case on an expedited basis: whether the SEC has Congressional authority to regulate MetaMask as a broker-dealer and issuer of securities. Those questions would be considered along with any arguments the SEC would make for us not being able to bring a case against it.

Important News about about @Consensys v. Gensler. Judge O’Connor granted our request that he consider the merits of our case on an expedited basis: whether the SEC has Congressional authority to regulate MetaMask as a securities broker and issuer. Those questions would be… pic.twitter.com/B6jFQebjCk

— Bill Hughes : wchughes.eth 🦊 (@BillHughesDC) July 2, 2024

Dispute between the SEC and Consensys

Confirmation of the speed of this process comes just days after the SEC formally sue Consensys, claiming that the crypto wallet designed by the company, MetaMask, violates federal laws by operating without being registered as a dedicated broker “the offer and sale of securities.”

In its complaint, the regulatory agency also said the company had violated securities laws by offering an unregistered securities program through its staking service.For its conduct as an unregistered broker, Consensys has collected more than $250 million in commissions“, assured the SEC.

While the focus of the lawsuit appears to be MetaMask, the regulator also mentioned staking services Lido and Rocket Pool, which he described as investment contracts, implying that they would be listed as unregistered securities.

the cryptocurrency wallet MetaMaskdeveloped by Consensysclaiming that the software provider Ethereum violated federal law by failing to register as a broker engaged in “the offer and sale of securities“.

Finally, the event occurs a few weeks after Consensys file a lawsuit against the SEC for its approach to regulating Ethereum. That action came after reports of an agency investigation into Ethereum and the company said it had received a Wells Notice from the regulator warning of possible enforcement action.

Article by Angel Di Matteo / Bitcoin Diary

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