SEC Announces Dismissal of Civil Case Against Coinbase
The Securities and Exchange Commission (SEC) has revoked civil enforcement actions against Coinbase Inc. and Coinbase Global Inc.
According to a February 27 press release, the SEC and Coinbase filed a joint provision that effectively ended years of controversial litigation.
Coinbase SEC lawsuit ends
SEC filed an objection case Coinbase in June 2023. Regulators accuse the violation of institutional rules by facilitating transactions of several crypto tokens Register as a securities.
Coinbase CEO Brian Armstrong The legal struggle describes as “dollars for millions of taxpayers” And cause “irreparable harm” to the industry. The battle now ends with a full-scale dismissal.
According to Armstrong’s statement, the agreement with SEC employees does not involve fines or changes to the Coinbase business model.
Dismissal of Coinbase is amid a broader shift SEC’s encryption regulatory policy. Acting Chairman Mark Uyeda noted that the committee has been committed to implementing actions to convey its position on cryptocurrencies for many years. It did not interact with the public in the process.
“It’s time for the committee to correct its approach and develop cryptocurrency policies in a more transparent way,” Uyeda statement.
Uyeda pointed Newly established crypto task force As a step in the right direction. Last month, the U.S. Securities and Exchange Commission (SEC) revealed the establishment of a new crypto task force under Commissioner Hester Peirce. The task force aims to address the long-term uncertainty surrounding the classification of digital assets regulation.
Meanwhile, the industry responded positively to the rejection of the Coinbase case.
“The SEC has been working overtime for the past few weeks. It’s really impressive. I didn’t expect things to move quickly or relax quickly.” Posted On X.
Dismissal marks The latest series of SEC retreats From the highly anticipated encryption case. In the past few days, law enforcement actions have targeted Uniswap, Opensea,,,,, Consensus and Gemini have also been deleted.
Coinbase Chief Operating Officer Emilie Choi celebrates the results on X. She expressed satisfaction with being on the “right side of history”.
“We have won the battle and now let’s win the war: pro-innovative legislation that provides industry certainty for a long time,” additional.
Although this marks a major victory Coinbase and the crypto industryNow all eyes are in SEC is conducting lawsuits against Ripple. The case has been going on for many years and has not yet been resolved.
However, the recent SEC action does not necessarily indicate an upcoming solution to Ripple.
The joint provision clarifies: “The decision of the Commission to seek to dismiss the lawsuit does not reflect the Commission’s position in any other case.”
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