- The SEC agreed to drop its legal case against Coinbase, pending commissioner’s approval
- Coinbase CEO Brian Armstrong celebrated the legal victory on Twitter
- The lawsuit accused Coinbase of operating as an unregistered securities exchange
The long-running feud between cryptocurrency exchange Coinbase and the United States Securities and Exchange Commission is finally coming to a conclusion.
On February 21, the SEC agreed to drop its legal case against the American cryptocurrency exchange. As of right now, the decision is still pending the commissioner’s approval, but more than likely they’ll agree. Once approved, the case will be finally officially dropped.
The was shared by Coinbase CEO Brian Armstrong on Twitter. In the post, Coinbase’s boss celebrated the legal victory, calling it “hugely vindicating”.
According to Armstrong, the commissioners are expected to reach a final decision by the next week. When that happens, the 2-year long lawsuit will be dropped once and for all.
The Coinbase case was dismissed with prejudice. This means that once a final decision has been made, the commission will not be able to refile or appeal the settlement agreement.
The SEC filed a lawsuit against Coinbase in 2023, accusing the American cryptocurrency exchange of illegally operating as an unregistered securities exchange, broker, and clearing agency. Moreover, the Securities and Exchange Commission alleged that Coinbase was encouraging the sales of unregistered securities.
Coinbase’s case was just one of many SEC lawsuits against cryptocurrency firms during the last administration. Notably, the lawsuit against Ripple was also one of the highest-profile cases involving the commission and digital assets firms.
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