• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Editor's Pick SEC dropping crypto lawsuit, Coinbase says
Editor's Pick

SEC dropping crypto lawsuit, Coinbase says

by February 22, 2025
by February 22, 2025 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

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

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 on Friday morning.

Coinbase shares were up 5% in premarket trading. Bitcoin prices were up 1%.

The move to drop the suit would serve to make good on President Donald Trump’s campaign commitment to roll back the strict enforcement of the crypto industry that occurred under then-President Joe Biden. Trump has promised to make the United States the ‘crypto capital of the world,’ and has launched his own meme coin.

In its original suit, the SEC said Coinbase’s alleged actions were depriving investors of ‘critical protections, including rulebooks that prevent fraud and manipulation, proper disclosure, safeguards against conflicts of interest, and routine inspection by the SEC.’

“You simply can’t ignore the rules because you don’t like them or because you’d prefer different ones: the consequences for the investing public are far too great,” Gurbir S. Grewal, director of the SEC’s Division of Enforcement, said at the time.

To date, the SEC has not categorized bitcoin as a security. The crypto industry has long complained that, under former Chair Gary Gensler, the agency took an overly critical posture toward the industry while failing to provide clear ‘rules of the road’ and work with it to develop a means for it to operate legally.

Lawsuits against two other exchanges, Binance and Kraken, are still pending.

‘We tried to ‘come in and register’ but it turned out it was a fake offer, as every crypto company discovered,’ Armstrong wrote in a separate post on X on Friday, referring to the Biden administration’s previous actions concerning the crypto industry.

‘Regulators are supposed to enforce the law, but they can’t make up new laws on the spot if they don’t like the current ones, or weaponize a lack of clarity in the law.’

This post appeared first on NBC NEWS
You Might Also Like
  • Trial of former FTX head Sam Bankman-Fried set to begin
  • Dave & Buster’s to let players bet against each other on arcade games
  • Why some major artists are suddenly canceling shows, and in some cases entire tours
  • UPS workers overwhelmingly approve new contract, ending strike threat
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Mega-Caps Weakening, More Trouble Ahead
next post
IMAX CEO expects $1.2 billion in box office receipts this year, the best in the company’s history

You may also like

Inflation leveled off at 3.7% in September, continuing a gradual...

October 12, 2023

Cavli Wireless Brings the Next-generation CAT1.bis Module C16QS

January 5, 2023

Inflation vs. wages: How rising prices stack up against growing...

June 27, 2024

Adidas to cut up to 500 jobs after posting better-than-expected...

January 27, 2025

Biden administration to lower costs for 64 drugs through inflation...

June 28, 2024

EPA bans asbestos, a deadly carcinogen still in use decades...

March 21, 2024

Trump is selling $60 Bibles with ‘God Bless the U.S.A.’...

March 27, 2024

Consumer price growth falls to below 5% for the first...

May 11, 2023

Ford is recalling 870,000 F-150 pickups due to potentially faulty...

August 1, 2023

Southwest Airlines pauses corporate hiring, most summer internships to cut...

January 15, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Nvidia results spark global chip rally

      May 30, 2025
    • Boeing to resume airplane deliveries to China next month, ramp up Max production, CEO says

      May 29, 2025
    • Nuclear Power Trio: OKLO, SMR, and CCJ in Focus

      May 29, 2025
    • Analyzing SIL, USO, and NVDA: Could These Bullish Patterns Trigger?

      May 29, 2025
    • E.l.f. Beauty to acquire Hailey Bieber skin care brand Rhode in up to $1 billion deal

      May 29, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,763 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,470 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,449 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,428 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,306 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,104)
    • Investing (538)
    • Stock (2,578)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Nvidia results spark global chip rally

      May 30, 2025
    • Boeing to resume airplane deliveries to China next month, ramp...

      May 29, 2025
    • Nuclear Power Trio: OKLO, SMR, and CCJ in Focus

      May 29, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,104)
    • Investing (538)
    • Stock (2,578)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    ‘Kill us or send us home’:...

    October 10, 2023

    Several Buy Buy Baby and Harmon...

    August 19, 2023

    Chrysler recalling 338,000 Jeep Grand Cherokees...

    March 2, 2024
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here