According to an announcement released by cryptocurrency exchange Coinbase on Friday, staff from the U.S. Securities and Exchange Commission (SEC) have in principle agreed to withdraw the lawsuit against Coinbase, pending approval from the Commission. Coinbase co-founder and CEO Brian Armstrong stated on the social media platform X:
The SEC filed a lawsuit against Coinbase in June 2023, accusing it of violating U.S. securities laws. Former SEC Chair Gary Gensler stepped down after the pro-cryptocurrency U.S. President Donald Trump took office. Paul Atkins, a former regulator friendly to cryptocurrencies, is expected to lead the SEC, with the appointment pending Senate confirmation. Coinbase stated, “We look forward to working with the SEC staff, who are ready to drive real change.”
Related report: “Acting Chair Mark Uyeda restructures the SEC! Announces the establishment of a cryptocurrency task force led by the ‘Crypto Mom.'”
Following the announcement, Coinbase’s stock rose approximately 3.5% in pre-market trading, reaching a peak of $270. Meanwhile, Bitcoin (BTC) surpassed $99,000, continuing its upward trend since Wednesday. Data source
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