SEC Sues Crypto Firm Consensys for Not Registering as Broker

-- The US Securities and Exchange Commission said crypto firm Consensys Software Inc. broke its rules when it failed to register as a brokerage and improperly collected millions of dollars in fees.Consensys, which operates the popular crypto wallet MetaMask, handled millions of transactions for clients without proper regulatory oversight, the SEC said.

The SEC said that since 2020, Consensys brokered more than 36 million crypto transactions, including at least 5 million that were securities. “Consensys has inserted itself into the US securities markets, yet failed to act in accordance with the provisions of the federal securities laws to which it is subject and that exist to protect investors,” the SEC said in its complaint.In April, the software firm disclosed it received a notice from the SEC that the regulator would potentially bring an action against the company related to its MetaMask products.

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