Joseph Lubin Announces Preliminary Agreement with SEC

The U.S. Securities and Exchange Commission (SEC) has tentatively agreed to withdraw its lawsuit against the developer of the non-custodial wallet MetaMask — ConsenSys. This was announced by the company’s CEO, Joseph Lubin.

I’m pleased to announce that Consensys and the SEC have agreed in principle that the securities enforcement case concerning MetaMask should be dismissed. Subject to the approval of the Commission, the SEC will file a stipulation with the court that effectively closes the case.…

— Joseph Lubin (@ethereumJoseph) February 27, 2025

According to him, the conclusion of the legal proceedings still depends on the final approval by the agency, but key agreements have already been reached.

“Now we can fully focus on development. 2025 will be the best year for Ethereum and ConSensys. The transition to a more decentralized world is accelerating,” Lubin stated.

The company’s lawyer, Bill Hughes, told Cointelegraph that the agreement was “quite straightforward.” According to him, the SEC did not impose fines or conditions as part of the case’s conclusion.

Back in June 2024, the Commission filed a lawsuit against ConsenSys. According to the complaint, since October 2020, the firm “has been operating as an unregistered securities broker,” and since January 2023, it has been involved in their sale through MetaMask Staking.

Earlier this month, the SEC ceased legal proceedings with Coinbase, Robinhood, and Uniswap.