Rocket

Lido DAO

Rocket Pool

<h2 class="wp-block-heading" id="market-reaction-to-sec-lawsuit">Market Reaction to SEC Lawsuit</h2>
<p>Lido DAO (LDO) and Rocket Pool (RPL) prices took a significant hit on Friday, plunging 15% and 10% respectively. The sharp decline comes in response to the latest regulatory actions, as the <a href="https://btc-pulse.com/sec-consensys-metamask-staking-broker-allegations/" rel="noopener noreferrer nofollow">US Securities and Exchange Commission (SEC)</a> sues Consensys, a prominent Ethereum software company known for its MetaMask crypto wallet.</p>
<h2 class="wp-block-heading" id="broader-market-impact">Broader Market Impact</h2>
<p>The impact of the SEC’s lawsuit extended beyond LDO and RPL. Ethereum (ETH) saw its price slip by nearly 3%, while other notable cryptocurrencies like Maker (MKR), Uniswap (UNI), and Arbitrum (ARB) also traded lower. This market downturn highlights the sensitivity of the crypto space to regulatory developments.</p>
<h2 class="wp-block-heading" id="sec-s-actions-against-consensys">SEC’s Actions Against Consensys</h2>
<p>The SEC’s lawsuit follows the conclusion of its investigation into Ethereum 2.0, which hinted at a change in the regulator’s stance on altcoins. Earlier in May, the SEC had approved spot Ethereum ETFs for the US market, signaling a potentially favorable outlook.</p>
<p>However, the lingering concern was the SEC’s Wells Notice against Consensys. This notice indicated possible <a href="https://btc-pulse.com/presidential-debate-may-crypto-regulatory-approach/" rel="noopener noreferrer nofollow">enforcement </a>action, with the SEC outlining its view on MetaMask and Consensys’ staking service platform.</p>
<h2 class="wp-block-heading" id="impact-on-lido-and-rocket-pool">Impact on Lido and Rocket Pool</h2>
<p>Lido and Rocket Pool, closely tied to Ethereum, initially surged following Consensys’ announcement that the SEC had ended its Ethereum 2.0 probe. LDO rose from around $1.85 to highs of $2.40, while RPL jumped from $26.50 to above $30.00, buoyed by positive market sentiment.</p>
<h2 class="wp-block-heading" id="details-of-the-sec-complaint">Details of the SEC Complaint</h2>
<p>In the lawsuit filed at the United States District Court for the Eastern District of New York, the SEC alleges that Consensys violated federal securities laws by failing to register as a broker-dealer and by offering unregistered securities. The<a href="https://storage.courtlistener.com/recap/gov.uscourts.nyed.517222/gov.uscourts.nyed.517222.1.0.pdf" target="_blank" rel="noopener noreferrer nofollow"> complaint specifically mentions</a> that Consensys sold tens of thousands of securities for two issuers: Lido and Rocket Pool.</p>
<p>The SEC’s complaint emphasizes that Lido and Rocket Pool’s staking operations involve managerial efforts that investors rely on for profits, thus classifying them under securities regulations.</p>

Lido and Rocket Pool Tokens Tank After SEC Sues Consensys

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BTC-Pulse

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