The News
The US’ largest cryptocurrency exchange Coinbase said Friday that the US Securities and Exchange Commission “agreed in principle” to dismiss its lawsuit against the company, ending a contentious case that crypto insiders had warned could be existential for the industry.
In 2023, the SEC charged Coinbase with operating an unregistered securities exchange that it argued put users at financial risk. The lawsuit was the agency’s most significant case against a crypto company, and was part of the Biden administration’s wider enforcement crackdown on digital assets.
“We were right on the facts, and we’re gratified that the new SEC leadership has recognized this with the end of this misguided case,” Paul Grewal, Coinbase’s chief legal officer, told Semafor.
On the campaign trail, President Donald Trump pledged to be a “crypto president”, and has started an overhaul of policy, including exploring the establishment of a national stockpile of cryptocurrencies.
— Eleanor Mueller contributed reporting.