Consensys has been sued by the SEC.

The U.S. Securities and Exchange Commission (SEC) has filed a new lawsuit due to transactions conducted through Consensys and the popular MetaMask platform. The complaint alleges that the company generated over $250 million in revenue by conducting unregistered securities sales.

SEC TARGETS CONSENSYS

Consensys, a company operating in the blockchain technology field, has caught the attention of the U.S. Securities and Exchange Commission (SEC). The SEC has filed a lawsuit in New York, claiming that the company has acted in violation of legal regulations.

At the core of the lawsuit are the exchange services and cryptocurrency staking operations offered by Consensys through its popular crypto wallet, MetaMask. According to the SEC, the company failed to obtain the necessary legal permissions and did not register as a broker while providing these services.

OVER $250 MILLION IN REVENUE GENERATED

Another notable point in the indictment is the size of the revenue generated by Consensys through these activities. The lawsuit alleges that the company earned over $250 million from these services.

The SEC's criticism is particularly focused on the stake services offered through the Lido and Rocket Pool platforms. The commission argues that these services should be considered securities. The complaint alleges that investors invested in these platforms with a "reasonable expectation of profit."

This lawsuit is not the first disagreement between Consensys and the SEC. Last month, Consensys filed a lawsuit against the SEC regarding Ethereum regulations. However, after the SEC announced the closure of its Ethereum investigation, Consensys revealed that it had received a Wells notice. This notice was interpreted as a sign that the SEC planned to impose sanctions on Consensys.