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Shares rose 3% at the opening bell Friday, though the decision,
not confirmed by the SEC, would not be unexpected. The Trump
administration has projected a much more lenient stance on
cryptocurrency markets.
The SEC declined to comment Friday.
The crypto industry spent heavily to help elect Trump and other
crypto-friendly lawmakers and is eager to cement its influence
in politics and mainstream financial systems.
In June 2023 Coinbase was targeted by U.S. regulators in a
lawsuit that alleged it was operating as an unregistered
securities platform and brokerage service.
In its complaint, the SEC said Coinbase made billions acting as
the middle man for cryptocurrency buyers and sellers but did not
give investors lawful protections while acting as a broker.
The commission had been seeking injunctive relief, disgorgement
of ill-gotten gains plus interest, penalties, and other
equitable relief.
On Friday Coinbase posted on the social media platform X,
claiming the case was dismissed pending approval from the
commission.
“But this isn’t the end. It’s the beginning,” the post said.
“And if there were ever a time to build—that time is now. Thank
you to everyone who stood with us, and stood with crypto.”
The crypto industry has scored some early wins since Trump took
office, including the repeal of an accounting rule by the U.S.
Securities and Exchange Commission and an executive order by the
president directing a working group to study and propose changes
to crypto regulations as well as the possible formation of a
strategic government reserve of cryptocurrencies within 180
days.
The SEC did recently asked a federal court to pause ongoing
litigation against Binance, the world’s largest cryptocurrency
exchange, because leadership is now rethinking previous
enforcement actions.
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