The US Securities and Exchange Fee has dismissed its lawsuit with crypto exchange Coinbase on Feb. 27, filings present, ending the case completely.
The SEC agreed to voluntarily dismiss all litigation tied to Coinbase and Coinbase World with prejudice, which included withdrawing from its preliminary June 2023 lawsuit and its request for an interlocutory attraction with the US Court docket of Appeals, a Feb. 27 courtroom submitting shows.
It comes after the 2 events announced an agreement to finish the authorized dispute on Feb. 21.
Supply: Inner City Press
The SEC mentioned that “the dismissal will facilitate the Fee’s ongoing efforts to reform and renew its regulatory method to the crypto trade.”
Below the previous Gary Gensler-led fee, the SEC adopted a strict regulation-by-enforcement method to crypto, which noticed Coinbase and different trade heavyweights hit with sudden lawsuits.
“It’s time for the Fee to rectify its method and develop crypto coverage in a extra clear method,” mentioned the SEC’s appearing chair, Mark Uyeda.
Someday after US President Donald Trump was inaugurated on Jan. 20, the SEC established a Crypto Task Force led by SEC commissioner Hester Peirce to assist this new method.
The SEC’s choice to drop Coinbase’s lawsuit follows earlier ones from Consensys, Robinhood, Gemini, Uniswap and OpenSea during the last week.
Associated: SEC, Justin Sun asks judge to stay case to explore resolution
Coinbase was sued by the SEC in June 2023 which alleged that Coinbase was by no means registered as a dealer, nationwide securities exchange, or clearing company, whereas additionally alleging the crypto platform evaded disclosure necessities.
The SEC alleged that Coinbase listed over a dozen crypto tokens it deemed to be securities, together with Solana (SOL), Cardano (ADA), Polygon (POL) and Filecoin (FIL).
Coinbase, led by its chief authorized officer Paul Grewal, had strongly opposed the lawsuit from the onset, characterizing it as a regulatory overreach whereas additionally slamming the fee for submitting a go well with after approving the company’s public listing on the Nasdaq inventory exchange in April 2021.
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Cointelegraph by Brayden Lindrea SEC dismisses lawsuit against crypto exchange Coinbase cointelegraph.com 2025-02-27 21:38:47
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