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).
Decide Reed O’Connor, in a submitting on July 1, authorized a timeline through which the court docket will now think about 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.
“Necessary Information about Consensys v. Gensler. Decide O’Connor granted our request that he think about the deserves of our case on an expedited foundation: whether or not the SEC has Congressional authority to control MetaMask as a securities dealer and issuer,” Hughes mentioned.
When is the decision probably?
Based on Hughes, the above points at the moment are 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. needs to be filed newest by September
Within the submitting on the U.S. District Courtroom for the Northern District of Texas, Decide 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 trying more likely to come round Christmas.
Consensys vs. SEC – lawsuit and counter lawsuit
Decide O’Connor’s verdict comes a couple of days after SEC sued Consensys over its MetaMask platform and the staking companies associated choices.
Keep in mind that Consensys had already filed a lawsuit against the SEC in April. Within the lawsuit, the corporate requested for a ruling that Ethereum isn’t a safety and that MetaMask isn’t a dealer seller.
Consensys introduced that the regulator had dropped its investigation into Ethereum 2.0 in June, just for the SEC to file its own lawsuit accusing Consensys of securities violations. Particularly, the SEC claims MetaMask is an unregistered dealer and is providing unregistered securities.