SEC Close to Dropping Its Case Against Coinbase

The U.S. Securities and Exchange Commission (SEC) has tentatively agreed to dismiss its lawsuit against Coinbase, pending approval from its commissioners.

If approved, the case will be closed permanently, potentially impacting similar cases against other cryptocurrency companies.

The SEC filed suit against Coinbase in June 2023, accusing it of operating an unregistered securities exchange and facilitating the trading of assets it deemed securities.

The company has denied the allegations, calling for clearer regulatory guidance.

The new development comes after the SEC requested an extension in its case against Coinbase amid broader regulatory changes, including the shift of its crypto unit to broader oversight of emerging technologies.

In a statement, Paul Grewal, Coinbase’s chief legal officer, welcomed the potential decision, stressing that it corrects a wrong without the need for a settlement or moving forward through the courts.

Posted using Tribaldex Blog