The U.S. Securities and Exchange Commission (SEC) has agreed in principle to dismiss the Coinbase lawsuit, the largest cryptocurrency exchange in the U.S.
The U.S. Securities and Exchange Commission (SEC) has agreed in principle to dismiss the Coinbase lawsuit, the largest cryptocurrency exchange in the U.S.
| Key Takeaways: – The SEC has agreed in principle to dismiss the Coinbase lawsuit, pending commissioner approval. – If approved, Coinbase will not face fines or admit wrongdoing, and the lawsuit will be dismissed with prejudice. |
The decision, pending approval from the agency’s commissioners, could mark a turning point in the SEC’s regulatory stance on the crypto industry.
Coinbase announced the development in a blog post on Friday, confirming that the SEC staff recommended dismissing the lawsuit. The final resolution depends on a vote by the commission, which includes Acting Chairman Mark Uyeda and Commissioners Hester Peirce and Caroline Crenshaw. While no specific date for the vote has been set, it could take up to a week.
The SEC initially sued Coinbase in 2023, alleging that the company facilitated the sale of unregistered securities, posing financial risks to consumers.
The Coinbase lawsuit was considered one of the agency’s most significant actions against a crypto firm. However, if the commission approves the dismissal, the exchange will not be required to admit wrongdoing or pay any fines, a significant victory for the exchange and the broader digital asset sector.
Paul Grewal, Coinbase’s chief legal officer, described the agreement as a “complete win,” emphasizing that the dismissal would be with prejudice, preventing the SEC from refiling the lawsuit.
Since President Trump’s return to office last month, his administration has expressed interest in easing regulatory pressure on crypto, reversing the aggressive enforcement stance led by former SEC Chair Gary Gensler.
Legal analysts suggest this move could undermine the agency’s broader enforcement approach toward crypto firms, potentially benefiting other companies like Binance and Kraken, which are also facing regulatory scrutiny.
| Disclaimer: The information on this website is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are volatile, and investing involves risk. Always do your own research and consult a financial advisor. |
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