Coinbase scores major win as SEC set to drop lawsuit

Coinbase announced that the SEC has agreed to drop its lawsuit against the exchange, pending approval from SEC commissioners. This agreement does not include any financial penalties for Coinbase. The SEC originally sued Coinbase in 2023, alleging it operated as an unregistered securities exchange and offered unregistered securities. Coinbase denied these charges. This dismissal is expected to be a positive development for the cryptocurrency industry and the estimated 52 million Americans who own digital assets. The change in the SEC's approach follows the departure of former chair Gary Gensler and the formation of a crypto task force under acting chair Mark Uyeda.