Coinbase SEC Litigation to End with No Fines or Business Changes
The United States Securities and Exchange Commission (SEC) plans to dismiss the litigation against Coinbase Global Inc. after 18 months. Coinbase announced that SEC staff agreed in principle to a full dismissal of the case, initiated in June 2023, with no fines or changes to business operations.
- Brian Armstrong, CEO of Coinbase, confirmed the dismissal agreement.
- The SEC's decision is anticipated to be approved next week.
Armstrong credited the Trump administration for halting aggressive crypto regulation under former SEC Chair Gary Gensler and emphasized the need for clear crypto legislation moving forward.
- Coinbase aims to collaborate with the current SEC leadership for future regulations.
The conclusion of the SEC's case against Coinbase may influence the broader cryptocurrency market. The SEC has also paused litigation against Binance Holdings for 60 days, likely leading to similar outcomes.
- Ripple Labs and the XRP community expect favorable results in their ongoing case following a recent court ruling.
- Litigation against Kraken is expected to follow suit.
- After the announcement, Bitcoin's price rose over 2%, surpassing $99k, contributing to an increase in the total crypto market cap to approximately $3.38 trillion.