Crypto Bros Win Again as SEC Drops Lawsuit Against Mega Firm Coinbase
The move signals a huge win for the broader digital currency industry in the U.S. after the Biden Administration’s crackdown.
Cheng Xin/Getty Images
The Securities and Exchange Commission has dropped its legal case against cryptocurrency exchange Coinbase. The company said on its website that the agency was “righting a major wrong” by ceasing its 2023 lawsuit, which they claim was part of a wider “war against crypto.” Coinbase, the largest crypto company in the U.S., worth about $65 billion, was sued on the grounds of allegedly putting consumers at risk of financial harm as digital currencies it platformed “constituted unregistered securities,” The New York Times reported. The dismissal of the case is subject to commissioner approval. Coinbase CEO Brian Armstrong said the company was told to expect this next week. “SEC staff has agreed in principle to dismiss its unlawful enforcement case against Coinbase, subject to Commissioner approval—righting a major wrong,” Coinbase Chief Legal Officer Paul Grewal wrote in a blog post. He added on X that there will be no settlement. “There will be no settlement or compromise—a wrong will simply be made right," he said.
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