🔔#CryptoNews: The SEC has filed a lawsuit against Consensys, the company behind MetaMask, accusing it of operating as an unregistered broker since 2020. The SEC alleges that Consensys has been offering unregistered securities via MetaMask Swaps and Staking services.

🏛️Consensys, led by Ethereum co-founder Joe Lubin, is fighting back, arguing that MetaMask should not be classified as a broker and its services did not violate federal securities laws. The company also claims the SEC does not have the authority to regulate software interfaces like MetaMask.

💰The SEC states that Consensys has collected over $250 million in fees from its unregistered activities. The regulatory body is seeking a permanent injunction and civil penalties against Consensys.

🔍This lawsuit is part of a broader crackdown by the SEC on the crypto industry, with other big names like Coinbase, Binance, and Kraken facing similar accusations.

🔮The outcome of this lawsuit could set a precedent for other crypto companies, highlighting the regulatory uncertainties and legal battles that crypto firms are likely to face. Despite these challenges, Consensys remains determined to defend its stance and continue its operations. #CryptoRegulation #SEC #Consensys #MetaMask