The U.S. Securities and Exchange Commission (SEC) has agreed in principle to drop the lawsuit against software developer Consensys.
The agency originally claimed that the Ethereum developer violated securities laws with the Metamask wallet, which was allegedly functioning as an unregistered broker.
The SEC is set to file a stipulation with the court that will effectively close the case, according to Consensys CEO Joseph Lubin.
"We appreciate the SEC’s new leadership and the pro-innovation, pro-investor path they are taking," Lubin said.
Lubin has predicted that 2025 will be "the best year" for Ethereum and Consensys. "The paradigm shift to a much more decentralized world is accelerating," he added.
This comes after the formidable regulatory agency also decided to drop the lawsuit against Coinbase, the leading US cryptocurrency exchange. The case was officially dismissed earlier today.
On top of that, the SEC recently dropped its investigations into commission-free trading platform Robinhood and decentralized finance and major decentralized finance (DeFi) player Uniswap Labs.
The "reverse sweep" comes after the departure of former SEC Chair Gary Gensler, who was known as the nemesis of the cryptocurrency industry.
The SEC has swiftly moved to gut cryptocurrency enforcement under the leadership of Acting Chair Mark Uyeda.
The nomination of Paul Atkins, the former commissioner who is on track to replace Gensler, is yet to be confirmed.
That said, the SEC is yet to drop its widely covered appeal in the Ripple case, but some analysts believe that the agency will make such a move in the nearest future.
Dan Burgin
U.Today Editorial Team
