Coinbase says SEC will drop case that ‘could have killed the crypto industry in America’
CNN
Coinbase, America’s largest cryptocurrency exchange, said Friday that the Trump administration has agreed to drop a major lawsuit that would have broad ramifications for the crypto industry. It comes as the new Trump administration has promised to deregulate digital currencies like bitcoin.
Coinbase, America’s largest cryptocurrency exchange, said Friday that the Trump administration has agreed to drop a major lawsuit that would have broad ramifications for the crypto industry. It comes as the new Trump administration has promised to deregulate digital currencies like bitcoin. The Securities and Exchange Commission in June 2023 sued Coinbase for allegedly acting as an unregistered broker. The SEC filed a similar suit against overseas rival Binance that month, too – and the company and regulator last week agreed to pause legal proceedings in that case. In its lawsuit, the SEC had claimed Coinbase unlawfully made billions of dollars by acting as an exchange, broker, and clearing agency “without having registered any of those functions with the Commission as required by law.” Coinbase said the SEC is expected to approve the dismissal of its litigation next week, and the regulator would not charge the company any fees or fines. The SEC did not respond to a request for comment. Trump’s nominee for SEC Chair, Paul Atkins, is expected to regulate crypto with a significantly lighter touch than Gary Gensler, who led the commission under the Biden administration. Although Trump previously dismissed crypto as a scam, the president reversed his position during the campaign and vowed to embrace it. On his third day in office, Trump signed an executive action aimed at easing up on crypto regulations.
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