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Coinbase said the US securities regulator’s staff has agreed to drop the agency’s landmark lawsuit against the cryptocurrency exchange, in a move that signals a friendlier regulatory approach towards digital assets under Donald Trump’s presidency.
Securities and Exchange Commission staff have “agreed in principle” to dismiss the case, which alleged the crypto company had violated US securities law. The decision is “subject to commissioner approval”, said Coinbase in its statement on Friday.
“This is a victory not just for Coinbase, but for our customers, the United States, and individual freedom,” the crypto exchange said.
Coinbase shares were up 2.5 per cent shortly after Wall Street’s opening bell on Friday.
The Securities and Exchange Commission declined to comment.
This is a developing story
Additional reporting by Stefania Palma
