The U.S. Securities and Exchange Commission (SEC) is dropping a lawsuit against the top US-based crypto exchange, according to a new Coinbase blog post.
Coinbase says the SEC has agreed “in principle” to dismiss its case with Commissioner approval.
According to Coinbase, the suit being dropped should be viewed as a “major win for the rule of law”.
Coinbase says that it has always complied with the SEC since going public in 2021. However, according to the top US-based crypto exchange by trading volume, political changes at the top of the SEC caused the regulator to file an “unlawful” suit against the exchange in 2023. That lawsuit is now being dropped.
In a new interview with CNBC’s “Squawk Box“, Coinbase CEO Brian Armstrong doubles down on the exchange’s claims that the lawsuit was politically motivated.
“I think it’s a really important signal that, [after] a small group of activists in this prior administration who tried to unlawfully attack this industry, we’re going to be able to turn the page on that and finally get some regulatory clarity in America…
I hope that they’ll dismiss all the bogus cases, frankly, and it will be a domino effect for the rest of the industry.”
The news comes one day after the SEC announced the consolidation of its crypto unit into the newly created Cyber and Emerging Technologies Unit (CETU).
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