- Consensys announced dismissal of a case it filed against the SEC in April about the agency's alleged actions against Ethereum.
- Judge Reed O'Connor of the Northern District of Texas dismissed the case on Thursday.
- Consensys claims that the court failed to examine the "merits" of its claim against the SEC.
Consensys revealed in a post on Thursday that a Texas court has dismissed its case against the Securities and Exchange Commission (SEC), originally filed in April.
Court dismisses Consensys legal action against SEC
Consensys' lawsuit against the SEC was dismissed by a District court in the Northern District of Texas today, the firm reported in a post on X.
The lawsuit, originally filed in April, accused the SEC of seeking to declare Ethereum a security and a "regulatory overreach" in what it claimed was a stand-up action for the crypto industry. Following the lawsuit against the SEC, the crypto industry celebrated a win in June after the regulator dropped its investigation into Ethereum 2.0.
Consensys highlighted that the court had noted this win against the lawmakers, but the case was dismissed without considering its "merits."
"Unfortunately, the Texas court today dismissed our lawsuit on procedural grounds without looking at the merits of our claims against the SEC," wrote Consensys in an X post.
The regulatory battle will continue in the coming months, considering that the SEC sued Consensys in June, alleging that it acted as an unregistered securities broker through the Metamask wallet.
Consensys also noted the shift in political sentiment toward the crypto industry, re-emphasizing its commitment to contesting the SEC's enforcement action against Metamask.
Judge Reed O'Connor stated in his ruling on Thursday that he dismissed the allegations concerning MetaMask's offerings.
"Defendant's Motion to Dismiss Plaintiff's MetaMask claim on ripeness grounds is GRANTED."
Meanwhile, the SEC isn't relenting in its regulatory actions against crypto companies. The agency could be looking to sue Uniswap and OpenSea in the coming months, considering it also served them with Wells notices.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin consolidates after a new all-time high of $99,500
Bitcoin remains strong above $97,700 after reaching a record high of $99,588. At the same time, Ethereum (ETH) edges closer to breaking its weekly resistance, signaling potential gains. Ripple holds steady at a critical support level, hinting at continued upward momentum.
Sandbox hits fresh yearly high as on-chain metrics reach record highs
The Sandbox continued its rally and hit a fresh yearly high of $0.8680 in the early Asian session on Monday after surging over 121% last week. However, at the time of writing, SAND retraces and stabilizes around $0.7600.
Why is Dogecoin price down today?
Dogecoin (DOGE $0.4243) is retreating after reaching its highest levels since May 2021, suggesting a growing profit-taking sentiment among traders following Donald Trump’s win.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.