TechFlow news, February 21 — Coinbase CEO Brian Armstrong announced that SEC staff have agreed to dismiss the lawsuit against Coinbase, with Commission approval expected next week. This will be a full dismissal, requiring no fines from Coinbase and no changes to its current business model.
Armstrong stated this victory is highly significant, citing three key reasons for standing firm in the litigation: first, the SEC misinterpreted the law and exceeded the authority granted by Congress; second, yielding to the SEC’s demands would have severely harmed the development of the U.S. cryptocurrency industry; third, defending users’ and the industry’s rights was the right decision. He also expressed gratitude to bipartisan members of Congress who support cryptocurrency, and called for swift passage of crypto legislation to provide clear regulatory rules for industry growth.
