The U.S. Securities and Exchange Commission (SEC) has dropped its lawsuits against both Nasdaq-listed cryptocurrency exchange Coinbase and Consensys, the firm behind the popular MetaMask wallet.

The SEC has effectively distanced itself from the memecoin sector, saying that these tokens are more like collectibles than securities.

Major decentralized exchange Uniswap has partnered with trading platform Robinhood and payment processors Transak and MoonPay to streamline crypto-to-fiat transactions for users in more than 180 countries.

Top stories in the Crypto Roundup today:

• SEC Drops Lawsuits Against Coinbase and Consensys
• SEC Distances Itself From Memecoins Saying These Aren’t Securities
• Uniswap Expands Crypto-to-Fiat Capabilities with Robinhood, Transak, and MoonPay Partnerships

SEC Drops Lawsuits Against Coinbase and Consensys

The U.S. Securities and Exchange Commission (SEC) has dropped its lawsuits against both Nasdaq-listed cryptocurrency exchange Coinbase and Consensys, the firm behind the popular MetaMask wallet.

While Coinbase had already announced it was making a deal with the SEC for the regulator to drop its lawsuit, the commissioners had to cast a vote and ask a federal judge to drop it. The case was dismissed in a way that the regulator won’t be able to change its mind later.

Despite dropping the case, the SEC still has pending legal matters with Coinbase, including the exchange’s petition to force the regulator to establish crypto rules and its search for internal documents in a bid to reveal the regulator’s deliberations and approach to crypto.

Similarly the SEC dropped its lawsuit against Consensys, which it sued in June 2024 alleging its MetaMask swaps service was an unregistered securities broker. The move comes after it dropped investigations into several crypto projects including OpenSea and Uniswap Labs.

SEC Distances Itself From Memecoins Saying These Aren’t Securities

The SEC has effectively distanced itself from the memecoin sector, saying that these tokens are more like collectibles than securities.

The regulator defined memecoins as a “type of crypto asset inspired by internet memes, characters, current events or trends for which the promoter seeks to attract an enthusiastic online community to purchase the memecoin and engage in its trading.”

In a staff statement from the SEC’s corporate financial division, the regulator noted that memecoins have “limited or no use or functionality,” which means they do not meet the definition of a security under the Howey Test and are therefore outside its jurisdiction.

The statement, while not carrying the force of formal regulation, is expected to heavily influence industry practices, echoing the impact of similar staff statements in the past.

Uniswap Expands Crypto-to-Fiat Capabilities with Robinhood, Transak, and MoonPay Partnerships

Major decentralized exchange Uniswap has partnered with trading platform Robinhood and payment processors Transak and MoonPay to streamline crypto-to-fiat transactions for users in more than 180 countries.

According to a recent announcement, the partnership allows users in these countries to convert supported cryptocurrencies into fiat currency and deposit the funds directly into their bank accounts through Robinhood, MoonPay, and Transak.

The service is now available on the Uniswap wallet on both Android and iOS devices, and is set to soon launch on the Uniswap extension and web application. The launch comes just days after the SEC dropped its investigation into Uniswap Labs.

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