Ethereum News: Consensys and SEC Agree to Dismiss MetaMask Securities Case

In a significant development for the Ethereum ecosystem, Consensys and the US Securities and Exchange Commission (SEC) have reached an agreement to dismiss the securities enforcement case concerning MetaMask, the popular cryptocurrency wallet. Here’s a detailed look at the announcement and its implications.

Consensys and SEC Reach Agreement to Dismiss MetaMask Securities Case

Ethereum co-founder and CEO of Consensys, Joseph Lubin, announced that Consensys and the US Securities and Exchange Commission (SEC) have reached an agreement in principle to dismiss the securities enforcement case concerning MetaMask. The case, which targeted Consensys’ popular cryptocurrency wallet, is expected to be formally closed pending approval by the agency. Lubin expressed satisfaction with the outcome, stating that while Consensys was prepared to fight the lawsuit, the resolution marks a positive development for blockchain software developers. This announcement follows a series of similar moves by the SEC in recent weeks, including dropping its lawsuit against Coinbase and closing investigations into OpenSea, Robinhood, Uniswap, and Gemini.

Ethereum Foundation Introduces Silviculture Society Amid Leadership Changes

The Ethereum Foundation (EF) has announced several changes to address leadership turmoil, including the formation of the Silviculture Society. Vitalik Buterin claims that this society is an experimental effort to promote community governance. The EF will build separate organs and advisory groups to tackle other problems, with the project’s direction being the first priority. Aya Miyaguchi has been announced as the Foundation’s next President after serving as Executive Director for seven years. The Silviculture Society, a loose collection of individuals from outside the Foundation, will provide informal counsel to ensure the EF sustains the CORE values of open source, privacy, security, and censorship resistance.

Ethereum (ETH) Price Prediction for February 28

Ethereum (ETH) is currently priced at $2,220.67, experiencing a 4.28% decline in the last 24 hours. This movement is part of the broader volatility inherent in the cryptocurrency market. Analyzing moving averages provides insight into Ethereum’s price trends: the 50-Day Moving Average suggests potential short-term bearish momentum, while the 200-Day Moving Average may indicate a prolonged bearish trend. The Relative Strength Index (RSI) is hovering around 45, placing Ethereum in the neutral zone.

Ethereum Hits Yearly Low, Potential Dip Below $2,000

Ethereum’s price has fallen by 8.99% over the last 24 hours, hitting a yearly low of $2,073. Despite a brief recovery, the altcoin continued its downtrend and was trading at $2,143 at the time of writing. ETH lost value on its weekly and monthly charts too, falling by 23.18% and 31.34%, respectively. This sharp decline indicates strong selling pressure as sellers dominate the market.