Coinbase Says SEC Agrees to Drop Enforcement Action
In its most recent 8-K filing, Coinbase stated that the company "reached an agreement in principle with the SEC Staff, subject to the approval of the SEC's Commissioners, to jointly stipulate to the dismissal of the Litigation with prejudice."
In 2023, the SEC charged Coinbase with operating an unregistered securities exchange and failing to register its crypto staking program. Coinbase maintained that the SEC's charges were improper.
In a blog post, Coinbase Chief Legal Officer Paul Grewel asserted that "after millions in legal costs and fees, countless employee hours, and years of protracted litigation, we have successfully protected our customers' rights, and held the SEC accountable."
Related Articles
-
The US Court of Appeals for the Third Circuit found that the SEC's denial of a Coinbase Petition for Rulemaking on the regulatory treatment of digital assets was "arbitrary and capricious."
-
The U.S. District Court for the Southern District of New York denied Coinbase's Motion for Judgment on the Pleadings in the SEC's case against the exchange, allowing the SEC to proceed with its lawsuit. The SEC alleges that the Coinbase operates as an unregistered exchange, broker and clearing agency.
-
The SEC denied a petition, filed by Coinbase, to "propose and adopt rules to govern the regulation of securities that are offered and traded via digitally native methods, including potential rules to identify which digital assets are securities."
-
Coinbase filed a petition for a Writ of Mandamus requesting that the U.S. Court of Appeals for the Third Circuit compel the SEC to respond to Coinbase's previous petition for a rulemaking to clarify digital asset registration requirements.