Coinbase says the SEC is dropping its crypto lawsuit against them

The largest U.S.-based cryptocurrency exchange said Friday the Securities and Exchange Commission would drop its lawsuit against them, a signal to the broader crypto industry that the Trump administration plans to take a friendlier approach to it.

The largest U.S.-based cryptocurrency exchange said Friday the Securities and Exchange Commission would drop its lawsuit against them, a signal to the broader crypto industry that the Trump administration plans to take a friendlier approach to it.

In a release it titled "Righting a major wrong," the exchange, Coinbase, said SEC staff had agreed in principle to dismiss a suit filed during the Biden administration. The suit accused Coinbase of acting as an unregistered securities broker.

The agency must still vote to formally drop the suit.

A representative for the SEC declined to comment on Coinbase’s announcement. 

"I think it is a really important signal that a small group of activists in the prior administration who tried to unlawfully attack this industry — we are able to turn page on that and finally get regulatory clarity in America," Coinbase CEO Brian Armstrong said in an interview on CNBC Friday morning.

https://www.nbcnews.com/business/business-news/coinbase-says-sec-dropping-crypto-lawsuit-rcna193137

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