The US Securities and Exchange Commission (SEC) sued Ethereum software provider ConsenSys over its MetaMask service. The SEC alleged that the wallet broker was an unregistered intermediary that engaged in the “offer and sale of securities.” 😱

MetaMask also offered an unregistered securities program through its staking service. The SEC offered staking services for Lido (LDO) and Rocket Pool (RPL), arguing that these were also unregistered securities. 🚀

According to the lawsuit, MetaMask Swaps allowed investors to swap digital assets with each other through ConsenSys' software. ConsenSys charges a fee for providing these services and has processed more than 36 million crypto transactions in the last four years. But what was interesting was that he only said that “at least 5 million” of these transactions were in “crypto asset securities.” 🤔

The SEC alleged that these securities were Polygon (MATIC), Mana (MANA), Chiliz (CHZ), Sandbox (SAND) and Luna (LUNA). Many of these cryptocurrencies have previously been named as unregistered securities in SEC cases. 📜

“In addition to operating as an unregistered intermediary with respect to MetaMask Swaps, ConsenSys performs another traditional function of the securities market: offering and selling securities,” the lawsuit said. “Specifically, ConsenSys offered and sold tens of thousands of securities for Lido and Rocket Pool.” 💼

The SEC alleged that "ConsenSys collected over $250 million in fees." This lawsuit comes just weeks after ConsenSys announced it was ending investigations into the Ethereum-related company. 🎯

So what do you think? We are waiting your comments! 😉#DeFi#Web3