SEC Sues Consensys Over Alleged Unregistered Brokerage Services
by SEC vs. the WorldJuly 9th, 2024
Too Long; Didn't Read
The SEC has sued Consensys, claiming the company operated an unregistered brokerage service via its MetaMask platform, involving several crypto asset securities.
SEC v. Consensys Software Inc. Court Filing, retrieved on June 28, 2024, is part of HackerNoon’s Legal PDF Series. You can jump to any part of this filing here. This is the table of links with all parts.
Case Number: 23–939
Plaintiffs: Securities and Exchange Commission
Defendant: Consensys Software INC.
Filing Date: June 28, 2024
Location: United States District Court Eastern District of New York
Table of Content
Nature of the Proceedings and Relief Sought
Defendants and Other Relevant Entities
FACTS
I. BACKGROUND
A. Statutory and Legal Framework
II. THROUGH THE METAMASK SWAPS PLATFORM, CONSENSYS PROVIDES BROKERAGE SERVICES TO U.S. INVESTORS
B. Consensys Effects Transactions for MetaMask Swaps Investors.
IV. CONSENSYS, THROUGH METAMASK STAKING, ENGAGED IN THE UNREGISTERED OFFER AND SALE OF LIDO’S AND ROCKET POOL’S STAKING PROGRAMS, WHICH ARE SECURITIES
B. Liquid Staking Pool Providers: Lido and Rocket Pool
V. CONSENSYS WAS REQUIRED TO, BUT DID NOT, REGISTER AS A BROKER WITH RESPECT TO METAMASK SWAPS
VI. CONSENSYS ALSO ACTS AS A BROKER WITH RESPECT TO THE LIDO AND ROCKET POOL INVESTMENT CONTRACTS.
FIRST CLAIM FOR RELIEF - Violation of Exchange Act Section 15(a)
SECOND CLAIM FOR RELIEF - Violations of Securities Act Sections 5(a) and 5(c)
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