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Homepage > News > Business > SEC drops suits, forms anti-fraud unit, takes more meetings Crypto operators have yet to take down their Christmas stockings because the United States Securities and Exchange Commission (SEC) is preparing to make every day a Crypto Christmas. On February 21, the Coinbase (NASDAQ: COIN) digital asset exchange issued a blog post claiming that “SEC staff has agreed in principle to dismiss its unlawful enforcement case against Coinbase, subject to Commissioner approval.” The SEC has yet to confirm or deny this claim, but a vote by the three sitting Commissioners is expected this week. The SEC filed a complaint against Coinbase in June 2023, accusing the exchange of operating as an unregistered securities exchange, broker, and clearing agency. But with former Chairman Gary Gensler out of the picture, the SEC’s new regime—despite still waiting on confirmation of new Chair Paul Atkins—has signaled its intention to scrap most if not all of its crypto litigation, regardless of the strength of some of these suits. Coinbase’s blog didn’t spare the gloating, claiming the case “should never have been filed in the first place” and hailing the dropped charges as “a victory” for “the United States and individual freedom.” Coinbase said the “millions in legal costs and fees” it spent defending itself were worth it, failing to mention the tens of millions Coinbase spent ensuring the election of a pro-crypto president who can tell the SEC what to do. Echoing this view was Amanda Fischer, a former SEC chief of staff when the Coinbase suit was launched, who told Politico that “[t]his case was won by the lobbyists, not the lawyers.” Fischer said Coinbase “had a conflicted business model that failed to comply with basic investor protections” and warned that “[i]nvestors should exercise caution, as industry and regulators…

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Filed under: News - @ February 26, 2025 4:26 pm