US decide greenlights quick-observe plan for Consensys lawsuit towards SEC

Exciting News: Consensys’ Lawsuit In opposition to SEC Established for Expedited Plan!

Choose Reed O’Connor not long ago granted Consensys’ request for an expedited timeline in their legal battle with the U.S. Securities and Exchange Fee (SEC). Monthly bill Hughes, senior counsel for Consensys, shared the good growth on July 2.

“Great Update on Consensys v. Gensler. Decide O’Connor has agreed to quick-keep track of the consideration of our scenario. Let us see if the SEC has the authority to control MetaMask as a securities broker and issuer,” Hughes declared.

Expected Verdict Day

Hughes disclosed that these crucial matters will be reviewed, along with any arguments from the SEC towards Consensys’ lawsuit. The SEC has till July 29 to submit their response, placing the stage for enjoyable developments in the coming months.

Furthermore, the deadline for filing opening briefs on the dispositive motions is September 20, 2024, making sure a extensive examination of all elements of the circumstance.

Decide O’Connor has outlined a distinct timeline, with amicus briefs owing by Oct 4 and opposition briefs by November 1, 2024. Remain tuned for updates!

Hughes is optimistic about a ruling by December, possibly generating this holiday break time far more eventful for Consensys and SEC observers.

The Authorized Fight Unfolds

In a shocking turn of events, the SEC lately countersued Consensys around MetaMask and related providers. This shift came following Consensys experienced initiated legal action in opposition to the SEC in April, in search of clarification on Ethereum’s position and MetaMask’s classification.

Regardless of Consensys announcing the stop of the SEC’s probe into Ethereum 2. in June, the SEC retaliated by accusing MetaMask of securities violations. The tension carries on to establish as both equally functions get ready for a showdown in court.