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Coinbase says SEC has agreed to dismiss case against it, pending commission approval

Economic Times

Economic Times · 6m ago

Coinbase says SEC has agreed to dismiss case against it, pending commission approval

Coinbase announced that the Securities and Exchange Commission (SEC) has agreed to dismiss its case against the platform, contingent on commission approval. This follows a lawsuit accusing Coinbase of operating as an unregistered securities platform. The announcement led to a 3% rise in Coinbase shares. Although the SEC has not confirmed this, the development aligns with a more lenient approach on cryptocurrency by the current administration. The crypto industry aims to strengthen its political influence.

Related News

Coinbase, SEC set to face off in federal court over regulator's crypto authority

Economic Times

Economic Times · 1y ago

Coinbase, SEC set to face off in federal court over regulator's crypto authority

Coinbase and the US Securities and Exchange Commission (SEC) are headed to federal court to determine the regulator's authority over cryptocurrencies. The case revolves around Coinbase's planned launch of a new lending product, which the SEC claims is a security and therefore falls under its jurisdiction. Coinbase argues that the product is not a security and that the SEC is overstepping its boundaries. The outcome of this case could have significant implications for the regulation of cryptocurrencies in the United States.

Binance kicks off oral arguments in push to end SEC lawsuit

Economic Times

Economic Times · 1y ago

Binance kicks off oral arguments in push to end SEC lawsuit

In a high-profile case brought against Binance by the U.S. Securities and Exchange Commission (SEC), the world's largest cryptocurrency exchange is requesting the dismissal of the lawsuit. Binance is accused of breaking SEC rules, committing fraud, inflating trading volumes, diverting customer funds, and facilitating trading of unregistered securities. During a hearing, the judge questioned Binance's argument that the SEC lacks authority to regulate the crypto assets involved. This comes after a similar dispute arose between the SEC and Coinbase. Binance previously settled with the Department of Justice and the Commodity Futures Trading Commission over illicit finance breaches.

SEC Crypto Unit Leader Resigns After Spearheading Coinbase Lawsuit - StartupNews.fyi

Startup News FYI

Startup News FYI · 1y ago

SEC Crypto Unit Leader Resigns After Spearheading Coinbase Lawsuit - StartupNews.fyi

Ladan Stewart, a prominent anti-crypto lawyer at the U.S. Securities and Exchange Commission (SEC), has resigned to join international law firm White & Case. She will help build the firm's crypto and cyber defense practice. Stewart previously accused Coinbase of illegally listing securities without registering as a securities exchange. Legal experts have expressed optimism that Coinbase could have the case dismissed, following Stewart's withdrawal as counsel for the SEC. Stewart's move to White & Case signifies the growing importance of legal expertise in navigating the regulatory landscape of the crypto industry.

The SEC’s crypto lawsuit against Coinbase can continue

The Verge

The Verge · 1y ago

The SEC’s crypto lawsuit against Coinbase can continue

US District Judge Katherine Polk Failla has ruled that the Securities and Exchange Commission (SEC) can continue its securities lawsuit against Coinbase. The judge stated that the SEC sufficiently argued that Coinbase operates as an exchange, broker, and clearing agency under federal securities laws. The judge rejected claims from the crypto community that existing laws are inadequate, emphasizing that the challenged transactions fall within the framework used to identify securities for years. However, she dismissed the SEC's claims against Coinbase's Wallet, stating that the SEC failed to demonstrate that Coinbase acts as a broker through its Wallet.

Coinbase must face US securities regulator's lawsuit, says judge

Economic Times

Economic Times · 1y ago

Coinbase must face US securities regulator's lawsuit, says judge

A federal judge in Manhattan has ruled that the US Securities and Exchange Commission's (SEC) lawsuit against Coinbase, the largest cryptocurrency exchange in the US, can proceed. While the judge dismissed one claim made by the SEC, the decision largely supports the regulator's approach to cryptocurrency. This is seen as a partial win for Coinbase, but the company will still face a lengthy legal battle. The SEC alleges that Coinbase is violating its rules, claiming that the exchange is operating illegally as a national securities exchange without proper registration. Coinbase plans to continue fighting the SEC's claims.

Bankrupt crypto lender Genesis to pay $21 million to settle SEC charges

Economic Times

Economic Times · 1y ago

Bankrupt crypto lender Genesis to pay $21 million to settle SEC charges

Genesis Global Capital LLC has agreed to pay a $21 million civil fine to settle charges by the U.S. Securities and Exchange Commission (SEC) for selling securities illegally through its crypto lending program. The SEC had filed charges against Genesis and Gemini Trust Company LLC in January 2023. Genesis, which declared bankruptcy in January 2023, is part of Digital Currency Group (DCG). The settlement allows the SEC to recover the penalty, but only after other claims are resolved in bankruptcy court, including those from retail investors. The case is one of several enforcement actions taken by the SEC against major firms in the crypto industry.

Binance Is Like a Grocery Store Selling Oranges and SEC Should Leave It Alone, Says Crypto Lobby Group

Startup News FYI

Startup News FYI · 1y ago

Binance Is Like a Grocery Store Selling Oranges and SEC Should Leave It Alone, Says Crypto Lobby Group

The US Chamber of Digital Commerce is supporting Binance in its legal battle against the US Securities and Exchange Commission (SEC). The Chamber filed an amicus brief arguing that the SEC's lawsuit against Binance is misguided and the regulator is stifling innovation and driving crypto startups out of the US. The group claims that tokens are not securities and the platforms where they are traded are not securities exchanges. The SEC has been cracking down on various digital asset companies, including Binance, Coinbase, and Kraken, for alleged securities violations.

US SEC denies Coinbase petition for crypto rulemaking

Economic Times

Economic Times · 1y ago

US SEC denies Coinbase petition for crypto rulemaking

The US Securities and Exchange Commission (SEC) has rejected Coinbase's petition to create new rules for the cryptocurrency industry. Coinbase had sought to establish specific regulations for the sector, arguing that existing securities laws were insufficient. However, SEC Chair Gary Gensler disagreed and stated that current laws apply to the crypto securities markets. In response, Coinbase has sued the SEC, seeking a court order to prompt a response to its petition.

US SEC sues crypto exchange Kraken over failure to register

Economic Times

Economic Times · 1y ago

US SEC sues crypto exchange Kraken over failure to register

The US Securities and Exchange Commission (SEC) has filed a lawsuit against cryptocurrency exchange Kraken for failing to register as a national securities exchange. The SEC alleges that Kraken has been facilitating digital asset transactions that qualify as securities without obtaining the necessary approval. The lawsuit could potentially have significant implications for the cryptocurrency industry as it raises questions about the regulatory compliance of exchanges.

US SEC, Coinbase clash in court over crypto rulemaking

Economic Times

Economic Times · 11m ago

US SEC, Coinbase clash in court over crypto rulemaking

Coinbase and the U.S. Securities and Exchange Commission (SEC) faced off in court as the cryptocurrency exchange seeks to compel the agency to create new rules for digital assets. Coinbase filed a petition in 2022 requesting the SEC to clarify when a digital asset is considered a security and to create a new market structure compatible with cryptocurrencies. The SEC denied the petition in 2023, stating current regulations are sufficient for the crypto sector. Coinbase is now appealing the denial, arguing that the SEC's stance makes it impossible for the company to operate and comply with regulations. This dispute reflects the ongoing tension between the crypto industry and regulatory authorities.

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