Bitcoin Soars as US SEC Dismisses Case Against Coinbase
The US Securities and Exchange Commission (SEC) has dropped its years-long case against leading crypto exchange Coinbase.In a blog release on Friday, Coinbase announced that the securities watchdog has decided to close the case after a unanimous agreement. Notably, the expected turn of events follows a conclusion on the futility of the lawsuit after careful consideration.US SEC Righting a WrongCoinbase claims the case dismissal is righting an earlier wrong, as the lawsuit was never meant to be. For perspective, recall that the US SEC sued Coinbase in 2023 for offering unregistered securities to US investors.The contentious lawsuit has dragged on since then despite several Coinbase attempts to dismiss the case. Notably, the exchange claims the case was an obvious war against cryptocurrency, which it, its US customers, and the broader digital asset sector have won today.Coinbase Chief Legal Officer Paul Grewal also affirmed the dismissal. In a tweet, he disclosed that the SEC had outrightly dropped the case without seeking a compromise or a settlement.https://twitter.com/iampaulgrewal/status/1892924187976597725War Not OverMeanwhile, the exchange suggested the war is not over yet. While applauding the significant win, Coinbase noted it would be essential to ensure that the SEC establishes the premise on which it overruled the case for the industry's greater good.Furthermore, Coinbase urged the SEC and other concerned regulatory bodies to forge a clear regulatory guideline for the crypto industry to prevent the lack of clarity from being weaponized in the future. The pronounced rules of engagement will encourage investors to adopt the nascent sector and position the US at the forefront of technological innovation.Meanwhile, the dismissal came a few days after the US SEC paused its case against Coinbase and Binance. The new-faced regulatory top dog cited the creation of the crypto task force, an organization tasked with proffering the best approach to settling the years-long conflict. However, cases like the Ripple lawsuit still remain in the court, with projections that the agency could drop it next.Moreover, Bitcoin and the global crypto market reacted to the Coinbase case dismissal. The pioneering cryptocurrency pushed close to six figures following the announcement, trading at $99,401 at the time of writing.
Text source: The Crypto Basic
