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The US SEC has officially filed a voluntary dismissal in its case against Coinbase. The agency has also dropped lawsuits against Consensys, Robinhood, and Gemini in recent days.
The US Securities and Exchange Commission has officially dismissed its lawsuit with Coinbase on Feb. 27, filings show, ending the case permanently. The crypto exchange announced an agreement to end the legal dispute on Feb. 21.
The SEC agreed to voluntarily dismiss all litigation tied to Coinbase with prejudice, which included withdrawing from the lawsuit and its request for an interlocutory appeal with the US Court of Appeals, the SEC’s Feb. 27 filing shows.
Source: Inner City Press
The SEC said “the dismissal will facilitate the Commission’s ongoing efforts to reform and renew its regulatory approach to the crypto industry.”
The Gary Gensler-led SEC sued Coinbase in June 2023 amid a torrent of litigation attempting to frame many crypto firms and projects as either unregistered securities brokers or securities in and of themselves, placing heavy regulatory and financial pressure on the industry.
Since US President Donald Trump was inaugurated on Jan. 20, the SEC established a Crypto Task Force led by SEC commissioner Hester Peirce to support its new regulatory approach.
The SEC’s decision to drop Coinbase’s lawsuit follows earlier ones from Consensus, Robinhood and Gemini and Uniswap earlier this week.
This is a developing story, and further information will be added as it becomes available.
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