- Coinbase says that the SEC agreed to dismiss its demand against the exchange of cryptocurrencies based in the US.
- The SEC demanded Coinbase in 2023, but with the departure of Gary Gensler, the regulator is looking for a better regulatory approach.
The American cryptocurrency exchange platform Coinbase is ready for a historical event after the Bag and Securities Commission (SEC) allegedly agreed to dismiss its own demand against the platform.
Coinbase announced the great news in a Blog post Friday, February 21. The executive director of Coinbase, Brian Armstrong, also shared the event in a interview With CNBC Squawk Box.
“The SEC staff agreed in principle to dismiss their case of illegal execution against Coinbase, subject to the commissioner’s approval, correcting an important error,” wrote the legal director of Coinbase, Paul Grewal.
The executive director of Coinbase, Brian Armstrong, also shared the news through X.
Great News!
After Years of Litigation, Millions of Your Taxpayer Dollars Spent, and irreparable Harm Done to The Country, We Reached An Agreement With Sec Staff To Dysms Their Litigation Against Coinbase. Eleven approved by the commission. pic.twitter.com/ilnobs7n6n
– Brian Armstrong (@Brian_armstrong) Februry 21, 2025
The sec and coinbase are updated
According to the Exchange, the regulator’s decision to withdraw the case is produced after an agreement that does not imply any economic sanction against Coinbase.
The next step is that the SEC commissioners ratify the agreement and end an important legal obstacle that made the US cryptocurrencies backward. UU.
“While dismissal will be a great victory for the rule of law, and a clear claim of our position, especially will be a victory for the entire industry and the 52 million Americans who have had a digital asset,” Grewal added.
The SEC filed its lawsuit against Coinbase in 2023, accusing the Exchange of operating an unregistered bag of values. Demand also included accusations of offering unregistered values. Coinbase challenged the charges and requested a dismissal, and the industry actors criticized the then president of the SEC, Gary Gensler, to overreach in the midst of a regulation approach per application.
It should be noted that the SEC had also sued Binance, the world’s largest cryptocurrency exchange by volume of operations. Another exchange that is in the sights of the “dishonest” agency is Kraken.
However, things in the stock control agency have taken a favorable turn to cryptocurrencies since the choice of Donald Trump and the departure of Gensler and other commissioners.
The interim president Mark Uyeda has formed a working group on cryptocurrencies and has renamed a compliance unit amid the search to balance compliance and the need to protect investors.