ConsenSys’ Ethereum Lawsuit Dismissed by Judge, ETH’s Price Sees Gains Amid Legal Battle

ConsenSys, the company behind the Ethereum wallet MetaMask, had filed a lawsuit against the U.S. Securities and Exchange Commission (SEC).

A U.S. judge has dismissed Consensys’ lawsuit against the SEC over the classification of Ethereum (CRYPTO: ETH), citing a lack of final agency action.

What Happened: Consensys, the company behind the popular Ethereum wallet MetaMask, had filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) in an attempt to prevent the agency from regulating Ethereum as a security.

However, on Thursday, a U.S. district judge dismissed the case, stating that the lawsuit was “moot” due to a lack of final agency action by the SEC.

Judge Reed O’Connor explained that Consensys did not present any evidence of final SEC decisions regarding Ethereum. Therefore, he ruled that without such actions, the claim could not be reviewed by the court.

“Because Plaintiff has not identified final agency action that would render the claim fit for judicial review, and because withholding consideration subjects Plaintiff to scant, if any, hardship, the claim lacks a ripe case or controversy,” he wrote.

Consensys had filed the lawsuit in April 2024 after receiving a Wells notice from the SEC, indicating the regulator’s intention to pursue legal action over securities violations tied to MetaMask. The lawsuit claimed that the SEC had internally classified ETHER as a security, despite previous public statements to the contrary.

Consensys argued that Ethereum lacks the characteristics of a security and should not fall under the SEC’s jurisdiction.

“The U.S. Securities and Exchange Commission seeks to regulate ETH as a security, even though ETH bears none of the attributes of a security,” the lawsuit stated.

The SEC dropped its investigation into Ethereum by June 2024, but Consensys’ legal troubles continued. The SEC filed a lawsuit against Consensys later that month over the MetaMask Swaps service, which enables users to stake cryptocurrency.

The SEC has been scrutinizing staking as part of its efforts to regulate the crypto industry. The agency claims that staking exposes investors to excessive risk, offering limited protection in return. As a result, companies like Consensys have come under increasing pressure from U.S. regulators.

The SEC did not immediately respond to requests for comment on the case. However, this dismissal does not mark the end of the conflict between Consensys and the SEC, as the two parties continue to clash over the regulation of cryptocurrency services in the U.S.

Meanwhile, Ethereum’s price remains robust despite the legal challenges. ETH is currently trading at $2,560.96, up 4.95% over the last 24 hours, showing continued confidence in the cryptocurrency.

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