Coinbase Announces Imminent Dismissal of SEC Lawsuit
Coinbase announced that the SEC has agreed to dismiss its lawsuit against the exchange. Key points include:
- The agreement is with SEC staff and must be approved by commissioners.
- The lawsuit alleged Coinbase sold unregistered securities, including thirteen tokens like solana and filecoin.
- SEC currently has two commissioners: Mark Uyeda and Hester Peirce, who have shown skepticism towards the agency's enforcement actions.
- The SEC had not yet filed a motion to dismiss the lawsuit in court.
- A separate litigation arose from Coinbase’s petition for rulemaking, which was denied by the SEC.
- The appellate ruling sought earlier by Coinbase will not occur, potentially reducing clarity for the crypto industry.
This development may signal a shift in the SEC's approach to crypto enforcement actions.