Court Expedites Consensys vs. SEC Case, Accelerating Regulatory Clarification
- The final verdict will now be announced either at the years end or in the first few months of 2025.
- Initial discovery will conclude on August 16 and the SEC is required to submit a response prior to July 29.
For its case against the SEC, a U.S. court has approved Consensyss request for a fast-track hearing. More regulatory clarification for the crypto industry has been sought, and the deadline has been brought closer as a result. In April, when the SEC issued a Wells Notice designating Ethereum as a securities, Consensys proceeded to sue the agency.
The blockchain software companys appeal against the US regulator will be heard expedited, according to a recent court judgment. According to Consensys legal representative Bill Hughess post on X, Judge OConnors plea to allow the application would address matters that bring the ruling date closer.
Initial discovery will conclude on August 16. And the SEC is required to submit a defendants response prior to July 29, as per the judgment. The last step is to submit the reply brief by November 26th, along with any additional court documents required at that time.
The final verdict will now be announced either at the years end or in the first few months of 2025. Meanwhile, crypto users are celebrating the decision to clarify authorities rights.
Whether or not the SEC has the authority to regulate MetaMask as a broker-dealer will be determined by the court, as previously said. Among other things, the Commission sued Consensys, the parent firm of MetaMask, last week for allegedly acting as an unlicensed broker. Consensys allegedly collected more than $250 million in fees without following the appropriate procedures, as stated in the lawsuit.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
