The Securities and Exchange Commission has agreed in principle to dismiss its case against Coinbase, according to an announcement from the crypto exchange on Friday.
"SEC staff has agreed in principle to dismiss its unlawful enforcement case against Coinbase, subject to Commissioner approval – righting a major wrong," Coinbase wrote in the blog post.
The crypto exchange giant said it has always maintained it was right on the facts and the law and the case should never have been filed. "This is a victory not just for Coinbase, but for our customers, the United States, and individual freedom."
The SEC sued Coinbase in June 2023, two years after the firm went public, alleging it had violated U.S. securities laws. "What changed over those two years was the political leadership at the SEC," Coinbased said. "In its war against crypto, it acted as if it was above the law, usurping the power of Congress as set forth in the Constitution. And after millions in legal costs and fees, countless employee hours, and years of protracted litigation, we have successfully protected our customers’ rights and held the SEC accountable."
Former SEC Chair Gar Gensler left the agency in January following the inauguration of pro-crypto President Trump. Crypto-friendly former regulator Paul Atkins is set to lead the SEC under the new administration, pending Senate confirmation.
"We look forward to working with the SEC staff who stand ready to implement real change," the firm said.
The Block reached out to the SEC for comment.
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