In a new development, Coinbase and the U.S. Securities and Exchange Commission (SEC) have reached an agreement “in principle” to dismiss the case the SEC filed against the crypto exchange. Although the agreement still needs to be approved by the SEC commissioners, this move could be confirmed as early as next week.
Coinbase CEO Brian Armstrong expressed excitement, calling it a “really good day” for the company and the broader cryptocurrency industry. He said that while the litigation withdrawal needs official approval, this decision marks a major moment not only for Coinbase but also for the 50 million Americans who own cryptocurrency and the global crypto community. Armstrong said that this would set an important legal precedent, especially after years of the SEC attempting to regulate the crypto industry by claiming that many crypto assets are securities, despite a lack of clear legal rules.
Armstrong also reflected on how close the crypto industry came to being severely impacted by the SEC’s actions. He stressed the importance of pushing for clearer regulations and legislation for crypto in the United States, which could support the industry’s growth.
Will SEC Dismiss Ripple Lawsuit Next?
This development has sparked hope within the crypto community that the SEC may soon end its long-running lawsuit against Ripple. Ripple’s legal team recently requested a deadline extension to April 16, 2025, to file their response brief after the SEC sought to overturn aspects of a previous ruling related to XRP sales to retail investors. As of now, it remains to be seen how this case will unfold, with legal sources suggesting that the SEC is currently focused on cases with imminent court deadlines. This is why there have been no pause requests in the ongoing litigation involving Ripple and Kraken. Ripple’s next court deadline is set for April 16, while Kraken’s is March 31, 2025.
