Coinbase CEO: SEC agrees to withdraw lawsuit against Coinbase, expected to approve next week

According to a statement released by cryptocurrency exchange Coinbase on Friday, employees of the US Securities and Exchange Commission (SEC) have agreed in principle to withdraw the lawsuit against Coinbase, but still require approval from the committee. Coinbase co-founder and CEO Brian Armstrong stated on social platform X:

Once approved by the committee (which we have been informed is expected to happen next week), this will be a comprehensive revocation without any fines, and our business will not undergo any changes

The SEC sued Coinbase in June 2023, accusing it of violating US securities laws.

Coinbase The change that has occurred over the past two years is the political leadership of the SEC, which has acted as if it were above the law in the war against cryptocurrency, violating the constitutional powers of Congress. After paying millions of legal costs and expenses, countless employee hours, and years of litigation, we have successfully protected the rights of our clients and held the SEC accountable

Gary Gensler, the former chairman of the SEC, stepped down after Donald Trump, the US president who supported cryptocurrencies, took office. Paul Atkins, a former cryptocurrency friendly regulatory official, is expected to lead the SEC, and the appointment is pending confirmation by the Senate. Coinbase We look forward to working with SEC staff who are ready to drive real change

Related report: "Acting Chairman Mark Uyeda Rectifies SEC! Announces the establishment of a cryptocurrency task force led by 'Crypto Moms'"

After the announcement of this news, Coinbase rose about 3.5% in pre-market trading, reaching $270 at one point. Meanwhile, Bitcoin (BTC) broke through $99000, continuing its upward trend since Wednesday.

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