SEC to Drop Case Against Coinbase, Marking Major Win for Crypto Industry
In groundbreaking development, the SEC has agreed to revoke the case against Coinbase pending approval from the agency’s commissioner. This could be a major legal victory for the cryptocurrency industry.
According to Coinbase’s top lawyers, the U.S. SEC will soon vote on a deal with Coinbase to end legal cases against cryptocurrency exchanges. “At least for Coinbase, the war against cryptocurrencies is over,” said Paul Grewal, chief legal officer of Coinbase, in an interview.
The upcoming vote could be a major turning point. If the deal is approved, it will not only end the case against Coinbase, but it will also potentially help other crypto businesses avoid similar legal issues. Additionally, since the agreement would dismiss the case “biased”, this means that the SEC’s allegation of Coinbase’s securities violation will be permanently dismissed.
Under President Trump, the SEC quickly shifted the approach to regulating the cryptocurrency world. The agency has formed a special task force and returned previous accounting standards related to cryptocurrencies. The SEC is now focused on establishing a solid comprehensive regulatory framework to ensure that digital assets can thrive in a responsible way.
“We still have work to do, and we can’t take our eyes off the ball. Legislation is crucial to ensure that this illegal act does not happen anymore. Until we have made clear rules that enable the industry to truly flourish in the United States, we The battle will stop.
