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SEC Backs Down on Consensys Case Amid Changing Crypto Regulations
In a sudden turn of events, the US Securities and Exchange Commission (SEC) has dropped its lawsuit against blockchain firm Consensys, marking a significant shift in US crypto regulations. This decision comes as a relief to the crypto industry, allowing Consensys to focus on developing its blockchain products.
The SEC initially accused Consensys of making over $250 million in fees via its staking and swap services. The company argued that classifying Ether as a security would create legal barriers for cryptocurrency transactions, citing past declarations by former SEC Chair Gary Gensler from 2018 which indicated that Ether had no security status.
Industry leaders view this decision as a positive step for Ethereum and the broader crypto sector. This development signals a change in direction for US digital asset regulations. Many will now closely monitor how the SEC approaches cryptocurrency under its new leadership.
Consensys can finally focus on developing its blockchain products without the burden of an ongoing lawsuit, paving the way for future innovation and growth in the space.
The sudden shift in regulatory approach is expected to have significant implications for the crypto market.
Source: https://cryptonewsland.com/sec-backs-down-on-consensys-case-amid-changing-crypto-regulations/
