Coinbase has announced that the SEC has agreed to drop its lawsuit against the company with prejudice, preventing future filings. This decision, pending SEC Commissioner approval, reflects a potential shift towards a crypto-friendly stance under the Trump administration compared to the previous leadership under Gary Gensler. The SEC’s 2023 lawsuit claimed Coinbase operated as an unregistered securities exchange. Coinbase countered, arguing the SEC hadn’t defined clear crypto regulations. CEO Brian Armstrong revealed the company spent $50 million on external legal fees defending the case, despite initial advice against litigation due to costs. Armstrong viewed the fight as essential for the American crypto industry’s future. Although celebrating the legal victory, Armstrong stressed the need for legislative clarity to maintain the U.S.’s competitive edge in crypto. — news from TechCrunch
