The U.S. Securities and Exchange Commission (SEC) is dropping yet another case against an American crypto company, as the regulator continues its strategic retreat from the so-called “regulation by enforcement” approach to crypto regulation it took under the leadership of former Chairman Gary Gensler.
Joe Lubin, CEO of Brooklyn-based crypto software company ConsenSys, said in a Thursday X post that the SEC has agreed to drop its ongoing securities enforcement case against ConsenSys’s MetaMask wallet tool. Like the agency’s decision to drop its case against crypto exchange Coinbase, which was announced last week, the move must first be approved by the agency’s commissioners.
“We were committed to fighting this suit until the bitter end but welcome this outcome. No company wants to be the target of agency enforcement, but at the same time, it was our duty and honor to stand up for blockchain software developers in the hour…
