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The SEC Sued Consensys For Violating Federal Securities Laws

Mary Liu

Summary: The US Securities and Exchange Commission (SEC) filed a lawsuit against Consensys in the federal court in Brooklyn, New York, accusing it of operating as an unregistered securities broker through metamask, and accusing Lido and Rocket Pool staking projects of being securities. This accusation came less than two weeks after the SEC notified Consensys that ...

The US Securities and Exchange Commission (SEC) filed a lawsuit against Consensys in the federal court in Brooklyn, New York, accusing it of operating as an unregistered securities broker through metamask, and accusing Lido and Rocket Pool staking projects of being securities.

This accusation came less than two weeks after the SEC notified Consensys that it had ended its investigation into Ethereum 2.0.

After the news was announced, Lido's native token fell rapidly, plummeting 12% in 30 minutes.

Consensys responded to the lawsuit: "We are confident in our position that the SEC has not been granted authority to regulate software interfaces like MetaMask. We will continue to vigorously pursue our case in Texas for ruling on these issues because it matters not only to our company but the future success of web3".

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