The U. S. Securities and Exchange Commission ( SEC ) has reached an agreement to dismiss its lawsuit against crypto exchange Coinbase, pending approval by the regulator, according to the firm’s CEO Brian Armstrong.
In a statement, Armstrong said that the deal was “hugely vindicating”, accusing the regulation of having used “mafia methods” while pursuing its complaint against the change.
Armstrong added that the SEC’s steps” may have killed the crypto industry in America,” and that it was “wrong on the law.”
There will be no negotiation or compromise, according to Coinbase’s CEO, Paul Grewal, who stated that” a wrong will just be made right.”
The SEC’s complaint against Bitcoin
The SEC submitted its objection in June 2023 after Wells had previously issued a Wells recognize that yr. It was more than 100 pages long. The lawsuit claimed that Coinbase knowingly ran an unlicensed stocks trade for ten years.
The claims surfaced shortly after the SEC filed a comparable lawsuit against Binance at the time.
Armstrong argued that the change had taken a” traditional technique” to ensure that it had not listed stocks and that the SEC had “exceeded the power given to them by Congress by asking us to delist a number of resources that were not stocks. ” We tried to” travel in and file” but it turned out it was a false present, as every crypto business discovered”, he added.
Daily Debrief Newsletter
Start every day with the best news stories right now, plus unique characteristics, a audio, video and more.
