Coinbase said Friday that enforcers at the Securities and Exchange Commission would recommend dismissal of the two-year-old lawsuit, a crucial plank of the agency’s strategy to bring crypto under investor-protection rules. Coinbase had fought the suit, which was filed during the Biden administration, arguing the law didn’t support equating crypto assets with securities. “It’s a great day for Coinbase and for crypto,” said Paul Grewal, Coinbase’s chief legal officer. “We were committed to defending it [the lawsuit] to the gates of hell, for as long as it took and for as much money as it took.” Dismissing the Coinbase lawsuit still requires a commission vote. The company expects the vote to happen next week, Grewal said.

https://www.wsj.com/finance/regulation/coinbase-says-sec-intends-to-drop-lawsuit-against-crypto-exchange-4b3b0c36?st=rr9vZr