According to an announcement released by cryptocurrency exchange Coinbase on Friday, staff members of 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. Pro-cryptocurrency former regulatory official Paul Atkins is expected to lead the SEC, pending Senate confirmation. Coinbase expressed, “We look forward to working with the SEC staff, who are ready to drive genuine change.”
Related Report: “Acting Chair Mark Uyeda Restructures the SEC! Announces the Formation of a Cryptocurrency Task Force, Led by ‘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. Source:
