Regulators have agreed to drop a lawsuit against Coinbase that sought to regulate the company as a stock exchange, marking the end of years of hard-line enforcement against the crypto market.
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Coinbase Says SEC Intends to Drop Lawsuit Against Crypto Exchange
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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.
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