Coinbase says the Securities and Exchange Commission has dismissed its case against the cryptocurrency platform, per the AP. The move, not yet confirmed by the SEC, signals a further shift away from what the Wall Street Journal calls "years of hard-line enforcement against the crypto market." The Trump administration has projected a much more lenient stance, while the crypto industry spent heavily to help elect President Trump and other crypto-friendly lawmakers, and is eager to cement its influence in politics and mainstream financial systems.
In June 2023, Coinbase was targeted by US regulators in a lawsuit that alleged it was operating as an unregistered securities platform and brokerage service. In its complaint, the SEC said Coinbase made billions acting as the middle man for cryptocurrency buyers and sellers but did not give investors lawful protections while acting as a broker. The commission had been seeking injunctive relief, disgorgement of ill-gotten gains plus interest, penalties, and other equitable relief. On Friday, Coinbase posted on X, claiming the case was dismissed pending approval from the commission. "But this isn't the end. It's the beginning," the post said. "And if there were ever a time to build—that time is now."
The crypto industry has scored some early wins since Trump took office, including the repeal of an accounting rule by the SEC and an executive order by the president directing a working group to study and propose changes to crypto regulations as well as the possible formation of a strategic government reserve of cryptocurrencies within 180 days. The SEC did recently ask a federal court to pause ongoing litigation against Binance, the world's largest cryptocurrency exchange, because leadership is now rethinking previous enforcement actions. (More cryptocurrency stories.)
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