Coinbase says SEC This accused it of illegally running an unregistered stock exchange. This could indicate how the U.S. government will implement major changes in the cryptocurrency market since Trump is in office. litigation, for a long time, the inclusion of the cryptocurrency industry into the same investor protection rules governing stocks and other securities has been considered.
Common cases The reason is that it does not operate a securities company, likening the goods it sells to baseball cards. The appeal will soon be debated, assuming that the SEC formally votes to dismiss the lawsuit. .
“It’s a great day for Coinbase and Crypto,” said Paul Grewal, Chief Legal Officer, Coinbase. . “We are committed to defending it to the gates of hell, just spending a lot of money.”
Coinbase Co-founder and CEO Brian Armstrong And said the company would not impose a fine. He also said the agreement to end the case marked a “huge day” for Coinbase, which would have a “domino effect” on other industries. He also blamed the original lawsuit on “a small group of radicals in the government before.”
The move is not surprising given President Trump’s recent embrace of cryptocurrencies. He even has his own digital coins. To do this, SEC Specialized in special law enforcement agencies of crypto organizations. Coinbase and its competitors In the last election cycle, to help elect crypto-friendly legislators. It seems that the investment is paying off.
Acting SEC Chairman Mark Uyeda recently said “Deploy law enforcement resources wisely” when investigating crypto companies. He also said a new task force would get rid of the committee’s previous approach to cryptocurrency markets.
Under Republican House and Senate members are developing legislation to reclassify cryptocurrencies into commodities. Wall Street Journal. This change could hand over the oversight of crypto assets to the Commodity Futures Trading Commission, which is much smaller than the SEC. Given the Trump administration, the CFTC is actually smaller than ever Earlier this week.
The crypto market certainly responds well to all of this news. Coinbase’s stock price has risen, and so has Robinhood. Even competitive market binance This week, the week was suspended in 2023 after the SEC sued the company for violating securities laws.
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