The US Securities and Exchange Commission (SEC) falls yet another case against an American crypto company as the regulator continues its strategic retreat from the so-called “regulation by enforcement” approach to crypto-regulation it took under the leadership of former President Gary Gensler.

Joe Lubin, CEO of Brooklyn-based Crypto Software Company Consensys, said in a Thursday x post that SEC has agreed to drop its ongoing securities enforcement case against Consensys’s Metamask Wallet Tool. Like the agency’s decision to drop its case against Crypto Exchange Coinbase, which was announced last week, the move must first be approved by the agency’s commissioners.

“We were obliged to fight this suit until the bitter end, but welcome this result. No company wants to be the target of agency enforcement, but at the same time it was our duty and honor to stand up for blockchain software developers in the hour it was most necessary as I am sure our industry -mates who were also standing up against legislative overreaction would tell you, ”Lubin wrote.

SEC defendant Consensys over Metamask last June and claimed that the popular wallet tool was an unregistered securities broker who “dealt with offers and sales of securities.” The case came about two weeks after SEC informed Consensys that it would close its probe to Ethereum 2.0, which Consensys had previously sued the regulator in April 2024, with reference to over -establishing regulatory.

SEC’s decision to drop its enforcement suit against Consensys is the latest in a series of aromy cases and studies of cryptic companies including Gemini, Robinhood Crypto, Uniswap Labs, OpenSea and Coinbase. The courts are also asked to hold the ongoing cases with Binance and the Tron Foundation as well as their affiliated companies and managers.

The Agency is currently undergoing its approach to crypto-regulation under the new leadership of acting chairman Mark Uyeda, who created a crypto-taskforce skewer of crypto-friendly commissioner horse peirce-only one day after Gensler’s departure. In a statement earlier this month, Peirce SEC’s roadmap for crypto regulation and called on companies to be patient when the agency figured out how to “Disentangle” from running lawsuits.

“We value SEC’s new management and the pro-innovation, Pro-Investor Sti they take,” Lubin wrote. “We will remain deeply engaged with public and private decision makers in the future. Crypto wants the United States to tackle the interests of both consumers and companies, and we are already on our way to make it happen. “

SEC refused to comment.