Coinbase says SEC will drop the case that “could kill the crypto industry in America”

CNN
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Coins, the largest American stock exchange cryptocurrenci, said Friday that Trump Administration agreed to drop the main lawsuit, which will have broad consequences for the crypto industry. Comes because the new Trump administration promised to deregulate digital currencies such as Bitcoin.

The Securities and Exchange Commission in June 2023. She sued coins for allegedly acting as a unregistered broker. The moment has submitted a Similarly suit against an oversightly rival stage This month and company and the regulator agreed last week to take legal action in that case.

In his lawsuit SEC claimed The coin is unlawfully made billions of dollars acting as an exchange, broker and clearing agency “, not refused any of these functions with the Commission as required by law.”

The coins said that sex would be expected to approve their litigation next week, and the regulator would not accuse any compensation or fines.

SEC did not answer the comment request.

The Trump candidate for SEC chair is expected, Paul Atkins, CRIPTO is expected to regulate a significantly brighter touch rather than Gari Gensler, who led the Commission under the Administration of the Bilen administration. Although Trump previously rejected Cripto as a scam, the president reversed his position during the campaign and promised to embrace him. On the third day in the office, Trump Signed executive action directed to alleviate the crypto regulations.

CEO Coinbase Brian Armstrong praised SEC move to drop his lawsuit in a Mail to K Friday, saying that his fight against the regulator was focused on preserving the real industry in whole – not only the company.

“Caution to their demands could kill the crypto industry in America,” Armstrong said. “If we had singing, it would dramatically limit the volume of which the crypto property was allowed in the United States and that the industry was further pushed on Shore into the shadows.”

It is the request of Armstrong earlier, and the former President Joe Biden pushed back at the time, saying it was not forcing coins for delicious assets. Armstrong claimed that the waitress was not contrary to any law, and SEC exceeded in its efforts to in their efforts.

“Regulators should conduct the law, but they cannot compile new laws on site if they do not like the current, or weapons of lack of clarity,” he said in his post Friday. “I need to give credit to Trump administration here.”