SEC Finally Dismisses A Two-Year-Old Lawsuit Against Coinbase

Since Donald Trump entered the Oval Office, there have been important changes in the crypto industry. These changes are part of an effort to make AMerica one of the biggest crypto nations in the world. As a result, the SEC’s stance towards the crypto industry has been completely overturned. The regulatory body is making amends for its past ‘mistakes’ by dropping past lawsuits against crypto firms and introducing crypto-friendly regulations. 

In a 180-degree turn, the SEC is willing to drop its landmark case against Coinbase. This could change a lot regarding regulations and how these companies operate. Coinbase just released a statement stating that the SEC has just filed a dismissal of the federal lawsuit against the firm for flouting security norms.  

Teo Years Of Legal Fiasco 

In 2023, the SEC accused Coinbase of offering unregistered securities and operating an exchange. Gary Gensler spearheaded this move, which is often called one of the biggest cases of SEC. This case was a landmark as it clearly showed America’s stance against crypto then. 

Two years later, there was a drastic change in the SEC’s stance against crypto under the leadership of Mark Uyeda and Donald Trump. Coinbase’s chief legal officer, Paul Grewal, said, “There will be no settlement or compromise – a wrong will simply be made right.” However, CEO Brain Armstrong did say that he is awaiting confirmation in a lengthy post on X.  

Throughout the lawsuit, Coinbase refuted all the allegations that were placed by the SEC. The firm even slapped the organization with a countersuit urging enhanced regulatory clarity. A US Court accepted this countersuit, and the regulatory body was urged to fix the issue raised by Coinbase.  

In a Coinbase blog post, the company shared their elation on the dismissal. The blog post reads, “We’ve always maintained that we were right on the facts and the law, and today’s announcement confirms that this case should never have been filed in the first place. This is a victory not just for Coinbase but for our customers, the United States, and individual freedom.” Along with Coinbase. SEC is also looking to drop charges on Binance and Ripple. Therefore, this demonstrates a positive outlook towards the industry.