Coinbase has announced that it may reach an agreement with the SEC to dismiss a lawsuit alleging it operated illegally as an unregistered exchange, broker, and clearing agency. Coinbase's CEO, Brian Armstrong, expressed that this agreement would not require the company to pay fines or alter its operations. The lawsuit, filed in 2023, accuses Coinbase of unlawfully facilitating transactions of what the SEC deems unregistered securities since 2019, raising concerns about investor protection. Armstrong credited 'crypto voters' for influencing the recent elections positively towards pro-crypto candidates, enhancing the narrative of a supportive environment for cryptocurrency advocates.
“An agreement has been reached with the regulator's staff to dismiss the legal action which would see it pay no fines or make any changes to how it operates.”
“Since at least 2019, Coinbase has made billions of dollars unlawfully facilitating the buying and selling of crypto asset securities, depriving investors of significant protections.”
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