The Securities and Exchange Commission (SEC) has dropped its enforcement investigation into ConsenSys over MetaMask Swaps and MetaMask Staking, with no fine or admission of wrongdoing.
This decision effectively challenges the regulatory theory that non-custodial wallet interfaces constitute unregistered brokerage operations.
The SEC's original complaint in June 2024 alleged that ConsenSys had brokered transactions in crypto asset securities since at least October 2020 and collected transaction-based compensation through MetaMask's integrated services.
ConsenSys founder Joe Lubin announced the resolution, describing it as 'a good step for blockchain software developers.'