Coinbase says the sec has agreed to end ‘bogus’ enforcement case against crypto exchange

Coinbase Announced Friday that the Securities and Exchange Commission has agreed to Drop its enforcement case Against the company, pending the approval of the regulator’s commissioners.

Shares of Coinbase Rose 3% in Morning Trading.

In 2023, The Sec Charged Coinbase With Operating an Unregised Securities Exchange And for Failing to Properly Register its Crypto Staking Program. However, the case was started under former sec chair gensler. The commission is expected to take a more friendly stance to the crypto Industry Under President Donald Trump And paul atkins, the current nominee for sec chair.

Coinbase Co-Founder and Ceo Brian Armstrong said on CNBC’s “Squawk Box“Said That the company will not pay any fin.

“I think it’s a really important signal that, (after) a small group of activities in this Prior Administration Who Tried to Unlong to Unlawfully Attack This Industry, Weian GOING TUN TOTECK TUNTACK TUNECK THE SITACK THE PANTACK TURED THOTACK THOTACK THE Finally Get some regulatory Clarity in America, “Armstrong said.

“I hope’ll dismiss all the bogus cases, frankly, and it will be a domino effect for the rest of the industry,” He said.

An sec spokesperson declined to comment on Coinbase’s Announcement Friday.

A key issue in the charges against coinbase, and Several Other Crypto Cases Under Gensler, was Whether Certain Crypto Assets CONTED SECURITES. The sec argued that some crypto assets fell under existing security laws, and therefore required additional registration and disclosure, While Crypto Exchanges and Other Digital Asset Firms Pushed Fir New set of rules.

Trump Embraced Crypto during his presidential campaign, Attending the 2024 Bitcoin Conference and Receiving Financial Donations from Industry Leaders. The President Signed An Executive Order on Jan. 23 to Establish a Working Group to Draw Up a Regulatory Framework for the Crypto Industry.

Crypto Rallied in the aftermath of Trump’s election, with bitcoin breaking the $ 100,000 level for the first time. So-Called Meme Coins Have ALSO AAEN A Spike in Popularity Since the election, Including a Trump Coin Pushed by the President Shortly Before His Inauration.