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Ethereum Developer Consensys Scores Win Against SEC

Reed O’Connor, a federal judge on the United States District Court for the Northern District of Texas, has granted a request by Consensys lawyers to make a decision on whether the U.S. Securities and Exchange Commission can regulate the self-custodial MetaMask wallet as a broker-dealer on an expedited basis.

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“Those questions would be considered alongside any arguments the SEC would make that we don’t get to bring a case against them,” Bill Hughes, a lawyer representing the Ethereum development studio, said in a post on his X social media account. 

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The court’s ruling is expected around Christmas, according to Hughes. Opening briefs on dispositive motions are scheduled to be filed before Sept. 20. 

As reported by U.Today, the development studio, which is helmed by Ethereum co-founder Joe Lubin, took the SEC to court in April in order to thwart the agency’s attempt to broaden its jurisdiction over digital assets by labelling the largest alternative cryptocurrency as a security. 

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This came after the SEC indicated that it would bring an enforcement action against the MetaMask developer over alleged violations of securities laws. In turn, Consensys started injunctive and declaratory relief. 

Last month, the formidable regulatory agency dropped its investigation into Ethereum 2.0, meaning that the agency will not allege that the sales of the second-largest cryptocurrency constituted securities transactions. However, the SEC ended up bringing a lawsuit against Consensys during the same month, arguing that the Metamask developer failed to register as a broker. 

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