5 months ago
SEC has a Weak Case Against Consensys
Experts Question the Strength of SEC's Case Against Consensys Over MetaMask
The SEC sued Ethereum incubator Consensys, alleging the MetaMask wallet violated several laws by acting as an unregistered broker. Experts and industry leaders question the legitimacy of these claims, arguing that MetaMask’s non-custodial nature makes it unsuitable for such a designation.
Nick Almond: 'If users have sovereign control of their assets, there’s no custody and no broker-dealer.'
- The SEC sued Consensys, alleging MetaMask is an unregistered broker and securities program.
- Experts argue MetaMask is non-custodial and doesn't fit the broker-dealer definition.
- SEC's similar claim against Coinbase Wallet was previously dismissed by a judge.
- Consensys and Coinbase seek clarity through independent lawsuits against the SEC.
- MetaMask's role as an intermediary in staking services is also questioned.
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