SEC Issues Wells Notice to ConsenSys on April 25, Alleges MetaMask as Unlicensed Broker

Apr 26, 2024, 08:29 PM

On April 25, 2024, the U.S. Securities and Exchange Commission (SEC) issued a Wells Notice to ConsenSys, alleging that its product MetaMask is operating as an unlicensed broker dealer. In response, ConsenSys has filed a complaint against the SEC, naming Chairman Gary Gensler, the four other Commissioners, and the SEC itself as defendants. The complaint, represented by Wachtell Lipton law firm, accuses the SEC of exceeding its statutory authority. This legal action by ConsenSys follows similar patterns seen in other SEC cases, such as the one involving Coinbase, which is also represented by Wachtell Lipton.