The Securities and Exchange Commission (SEC) announced that it has dropped its ongoing civil enforcement action against Coinbase Inc. and Coinbase Global Inc. This decision came as part of a joint settlement between the Commission and the two Coinbase entities.
On 21.01.2025, the SEC established the Crypto Task Force, which focused on creating a comprehensive and understandable regulatory framework for cryptocurrency assets. The Commission decided to drop the current enforcement case due to the ongoing work of the Crypto Task Force.
Interim Chairman Mark T. Uyeda stated that the Commission’s position on cryptocurrency has been communicated mostly through enforcement cases in recent years without involving the general public. Uyeda also added that it is time for the Commission to correct its method and create a more open cryptocurrency policy that the Crypto Task Force is targeting.
The decision is based on the assessment that it will help the Commission’s efforts to reshape and renew its regulatory approach to the cryptocurrency industry. This decision is not based on any assessment of the merits of the claims in the case.
According to the joint agreement, the Commission’s decision to drop the case does not reflect its position on other cases. The Cyber and Emerging Technologies Unit will continue to target those who seek to use innovation to harm investors, including fraud related to blockchain technology and cryptoassets.
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