SEC Agrees To Dismiss Coinbase Case, Is Ripple Lawsuit Next in Line?
In the new development, Coinbase and the U.S. Securities and Exchange Commission (SEC) have reached an agreement “in principle” to dismiss the SEC’s case against a cryptocurrency exchange. Although the agreement still needs approval from the SEC specialist, the move can be confirmed as early as next week.
Coinbase CEO Brian Armstrong expressed his excitement, calling it a “very wonderful day” for the company and the broader cryptocurrency industry. He said while withdrawals of litigation require official approval, the decision is not only an important moment for Coinbase, but also for the 50 million Americans who own cryptocurrencies and the global cryptocurrency community. This will set an important legal precedent, especially after the SEC tried to regulate the cryptocurrency industry for many of its crypto assets, despite the lack of clear legal rules, Armstrong said.
Armstrong also reflects the distance that the cryptocurrency industry has been severely affected by the SEC action. He stressed the importance of pushing for clearer regulations and legislation in the United States that could support the growth of the industry.
Will the SEC dismiss the chain lawsuit next?
This development has sparked hopes for the cryptocurrency community that the SEC may soon end a prolonged lawsuit against Ripple. Ripple’s legal team recently requested an extension of the deadline to April 16, 2025, submitting a summary of the response after the SEC tried to overturn previous rulings by retail investors related to XRP sales. How will the case develop so far? Legal information shows that the SEC is currently focusing on cases with upcoming court deadlines. That’s why there was no suspension of requests in the ongoing lawsuit involving Ripple and Kraken. Ripple’s next court deadline is set for April 16, while Kraken’s deadline is March 31, 2025.
