The largest US crypto exchange Coinbase said the US Securities and Exchange Commission (SEC) has agreed to drop a lawsuit against it, according to a blog post on the platform. The final decision depends on the commissioners' approval, but the exchange's team is optimistic, RBC Crypto writes.
The company considers the possible closure of the case a victory for the entire crypto industry and emphasizes the need for clear legislation to prevent abuse by regulators.
“The resolution of this case will set a template for the SEC to resolve in other cases,” said Coinbase Chief Legal Officer Paul Grewal.
The SEC filed a lawsuit against crypto exchange Coinbase in 2023, accusing the platform of operating as an unregistered broker, saying some of the exchange's services are subject to regulation under securities laws.
Coinbase said it had argued from the start that the lawsuit was unlawful, arguing that it had not violated the law. The company also noted that despite spending millions on lawsuits, it had managed to protect its customers' rights and advocate for clearer regulation of the crypto market in the United States.
About a week ago, the largest crypto exchange Binance and the SEC jointly asked the court to stay the proceedings for 60 days. The lawsuit from the US SEC was filed in June 2023 and included 13 charges, including operating unregistered exchanges, providing broker-dealer services, and operating clearing houses that dealt with unregistered securities.
The request to stay the case was made in light of the commission's new task force to develop a clear regulatory framework for cryptocurrencies, which was formed after the inauguration of US President Donald Trump on January 20.
Acting Chairman of the U.S. Securities and Exchange Commission Mark Uyeda has appointed Commissioner Hester Peirce, who is known for her support of crypto innovation and has been nicknamed Crypto Mom for her efforts to create sensible regulation of the crypto market, to lead the group.
Under the previous administration, most of the SEC's claims under former Chairman Gary Gensler were related to the fact that crypto companies' activities amounted to trading in unregistered securities, which is a violation of U.S. stock exchange laws.
Over the past few years, the SEC has sent notices of investigation to exchanges Coinbase, Kraken, and CryptoCom, NFT marketplace OpenSea, broker Robinhood, crypto project Immutable, decentralized exchange Uniswap, and the developers of the MetaMask crypto wallet, Consensys.
According to Pearce, the process of transforming cryptocurrency policy “will take time, patience and participation from all stakeholders.” And the regulator is committed to creating an environment that protects investors and supports innovation, she noted.
Источник: cryptocurrency.tech
