Breaking: Court Dismisses SEC Coinbase Lawsuit With Prejudice

The United States Securities and Exchange Commission (SEC) has voluntarily dismissed its lawsuit with Coinbase Global Inc. over its alleged violations of Federal Securities laws. According to court filings, the case was dismissed with prejudice against the defendant(s).

Coinbase Leads Exchanges’ US SEC Turnaround

The SEC, Coinbase Inc., and Coinbase Global signed a joint stipulation dismissing the ongoing civil enforcement. As a result, Coinbase is no longer caught in the web of securities law violations. This marks a victory for the broader cryptocurrency sector. The market has consistently suffered segregation from the SEC and other authorities in the US.

According to an X update from Inner City Press based on the court filing, all defendants are now discharged without costs under Rule 41(a)(1)(A)(ii) of the Federal Rules of Civil Procedure. 

The Commission noted that its “decision to exercise its discretion and dismiss this pending enforcement action rests on its judgment that the dismissal will facilitate the Commission’s ongoing efforts to reform and renew its regulatory approach to the crypto industry, not on any assessment of the merits of the claims alleged in the action.”

Coinbase Inc’s SEC Case Ought Not to Happen

This Coinbase and US SEC case closure was last week, setting the new direction for enforcement actions relating to digital currency trading platforms in the industry. This reflects the SEC’s move to create a regulatory-friendly environment for the crypto industry. This pivot comes with the inauguration of new leaders in key positions in the US by President Donald Trump.

The American cryptocurrency exchange has always been right on the facts and the law. It further claimed that by dismissing this case, the US regulator should not have filed it in the first place.

Robinhood, Other Crypto Firms Liberated

Since the Coinbase versus US SEC case closure was teased, some related enforcement actions have also been closed. Most were closed without further action. As reported earlier by CoinGape, the regulator has closed the Consensys lawsuit, showcasing a comprehensive shift in the new pro-crypto strategy. 

On Thursday, Consensys and SEC agreed in principle to dismiss the securities enforcement case concerning MetaMask. Similarly, the agency dropped its Robinhood case, citing that no further actions would be taken against the finance brokerage.

The SEC also dropped its case with Uniswap Labs, further reflecting a sustained shift in its pro-crypto agenda. More crypto-friendly countries may be liberated from the SEC in the coming weeks, with Ripple Labs in the spotlight.