Judge Reed O’Connor, in a filing on July 1, approved a timeline for considering Consensys’ case against the regulator. The court will now weigh the merits of Consensys’ case on an expedited basis, specifically, whether the SEC has Congressional authority to regulate MetaMask as a securities broker and issuer.
Any arguments from the SEC regarding Consensys’ case against the agency’s allowance will also be considered. The SEC has until July 29 to file its response, and the deadline for filing opening briefs on the dispositive motions is September 20, 2024.
In the U.S. District Court for the Northern District of Texas, Judge O’Connor also ordered that any amicus briefs be filed by October 4 and opposition briefs not later than November 1, 2024. Consensys’ legal representative, Hughes, anticipates a ruling on the case in December, around the time of Christmas.
Judge O’Connor’s verdict follows the SEC’s lawsuit against Consensys over its MetaMask platform and related staking services, a few days prior. In the lawsuit, Consensys sought a ruling that Ethereum is not a security and that MetaMask is not a broker-dealer.
The SEC specifically claims that MetaMask is an unregistered broker and is offering unregistered securities.