The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against ConsenSys, the company behind the popular crypto wallet MetaMask. The SEC alleges that ConsenSys broke the law by acting as an unregistered broker and offering unregistered securities through its MetaMask platform.

The SEC claims that since October 2020, ConsenSys has been operating an unregistered crypto exchange called MetaMask Swaps. This service allows users to trade various cryptocurrencies and tokens. The SEC also says that since January 2023, ConsenSys has been offering illegal crypto staking programs through MetaMask Staking.

By running these services without proper registration, the SEC argues that ConsenSys deprived investors of important legal protections. The regulatory agency claims ConsenSys collected over $250 million in fees through its unlawful activities.

This lawsuit is part of the SEC's broader crackdown on the crypto industry. The SEC has been aggressively going after crypto exchanges, using legal rules to claim they are selling unregistered securities. Major platforms like Coinbase, Binance, and Kraken have all been accused of this.

The ConsenSys case shows the SEC is continuing its tough approach. Just like with other exchanges, the SEC is saying ConsenSys broke the law by operating without registration. This lawsuit is another sign of the SEC's determination to tightly regulate the crypto world.