A U.S choose has granted a request by software program agency Consensys that sought an expedited schedule within the firm’s lawsuit towards the U.S. Securities and Alternate Fee (SEC).
Choose Reed O’Connor, in a submitting on July 1, authorized a timeline wherein the court docket will now contemplate the deserves of Consensys’ case towards the regulator. Invoice Hughes, senior counsel for Consensys, shared some particulars of the choose’s ruling through X on July 2.
“Essential Information about Consensys v. Gensler. Choose O’Connor granted our request that he contemplate the deserves of our case on an expedited foundation: whether or not the SEC has Congressional authority to manage MetaMask as a securities dealer and issuer,” Hughes mentioned.
When is the decision seemingly?
In accordance with Hughes, the above points are actually set for consideration alongside any arguments from the SEC that Consensys’ case towards the company shouldn’t be allowed.
Per a timeline of the anticipated proceedings, the SEC has till July 29 to file its response. In the meantime, September 20, 2024 is the deadline for submitting opening briefs on the dispositive motions. ought to be filed newest by September
Within the submitting on the U.S. District Courtroom for the Northern District of Texas, Choose O’Connor additionally ordered that any amicus briefs be filed on or earlier than October 4 and opposition briefs not later than November 1, 2024.
Hughes believes a ruling on the case might are available in December, with this wanting prone to come round Christmas.
Consensys vs. SEC – lawsuit and counter lawsuit
Choose O’Connor’s verdict comes a couple of days after SEC sued Consensys over its MetaMask platform and the staking providers associated choices.
Do not forget that Consensys had already filed a lawsuit towards the SEC in April. Within the lawsuit, the corporate requested for a ruling that Ethereum shouldn’t be a safety and that MetaMask shouldn’t be a dealer vendor.
Consensys introduced that the regulator had dropped its investigation into Ethereum 2.0 in June, just for the SEC to file its personal lawsuit accusing Consensys of securities violations. Particularly, the SEC claims MetaMask is an unregistered dealer and is providing unregistered securities.
