tl;dr
Renowned Consensys founder Joseph Lubin expressed optimism about the end of regulatory hostility from the SEC toward crypto, following the closure of the SEC's 14-month investigation into Ethereum. Lubin emphasized the need for a more transparent regulatory approach and stated that Consensys would c...
Renowned Consensys founder Joseph Lubin expressed optimism about the end of regulatory hostility from the SEC toward crypto, following the closure of the SEC's 14-month investigation into Ethereum. Lubin emphasized the need for a more transparent regulatory approach and stated that Consensys would continue its lawsuit against the SEC for further legal clarity.
Consensys described the investigation closure as a major industry win, noting that the SEC would no longer pursue charges related to Ethereum sales as securities transactions. The company also seeks clarity for its MetaMask features and highlights the importance of clear guidelines for crypto advancement.
Lubin, in a statement, conveyed his reaction to the closure of the investigation, calling it a “necessary but not sufficient” step. He expressed hope that the antagonism to crypto among some US regulators is starting to wane and that the national investor protection strategy will evolve from the current guerrilla tactics.
Despite the recent positive development, Consensys announced that it would continue its lawsuit against the SEC, filed in April, seeking greater legal clarity regarding the regulatory framework for cryptocurrencies. Lubin underscored the ongoing need for clear regulatory guidelines. He stated, “Until then, we soldier forth with our litigation against the SEC in Texas because we are intent on achieving more legal clarity for all.”
Consensys described the closure of the SEC investigation as a “major win” for the industry, noting that the agency would no longer pursue charges that sales of Ethereum constituted securities transactions. The investigation began in March 2023 under the direction of Gurbir Grewal, Director of the SEC’s Division of Enforcement, and aimed to scrutinize individuals and entities involved in buying and selling Ethereum.
In addition to its primary focus on Ethereum, Consensys has been vocal about the need for regulatory clarity for other aspects of its operations, including its MetaMask Swaps and Staking features. The company is seeking a judicial declaration that offering these features does not violate securities laws, emphasizing that clear guidelines are essential for the advancement and adoption of crypto technologies.
The SEC’s decision to end its investigation comes at a time of heightened anticipation within the Ethereum community, particularly regarding the potential approval of a Spot Ethereum ETF.