A lawsuit brought by Ethereum software giant Consensys against the U.S. Securities and Exchange Commission (SEC) was dismissed by a U.S. district judge on Thursday, who wrote that the firm's claims were ultimately "moot" because the agency's alleged actions were not "final."
"Because Plaintiff has not identified final agency action that would render the claim fit for judicial review and because withholding consideration subjects Plaintiff to scant, if any, hardship, the claim lacks a ripe case or controversy," Judge Reed O'Connor wrote.
The firm had filed a preemptive suit against the SEC in April after receiving a so-called Wells notice—or a warning of an impending lawsuit over securities violations—over its popular Ethereum wallet, MetaMask.
Consensys alleged that the SEC internally viewed Ethereum as a security, and was seeking a declaration from the regulator that it was not in fact considered a security. (Disclaimer: Consensys is one of 22 investors in an editorially independent Decrypt.)
Editor's note: This story is breaking and will be updated with additional information.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.