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The SEC has agreed in principle to dismiss its lawsuit against Coinbase, marking a major legal win for the exchange and a turning point for US crypto regulation.
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The United States Securities and Exchange Commission (SEC) has agreed to dismiss a lawsuit against Coinbase, which accused the cryptocurrency exchange of operating as an unregistered securities broker.
According to a statement from Coinbase, the dismissal remains subject to final approval by an SEC commissioner before it is officially withdrawn.
Coinbase CEO Brian Armstrong highlighted the significance of the decision, stating:
“If this goes through, it’s a really big deal, not just for us, but for the whole crypto industry. The 50 million Americans who hold crypto, and I think for the rest of the world because this is an important signal about where things are going.”
The SEC sued Coinbase in June 2023 amid a torrent of litigation against the crypto industry, attempting to frame many firms and projects as either unregistered securities brokers or securities in and of themselves — placing heavy regulatory and financial pressure on the industry.
Related: SEC acknowledges slew of crypto ETF filings as reviews, approvals accelerate
This is a developing story, and further information will be added as it becomes available.
This article first appeared at Cointelegraph.com News
