Coinbase has made headlines for heavily investing in the 2024 elections, including a significant donation to Trump's inauguration. This concerted political effort seems to have paid off after the SEC agreed to drop a major lawsuit against the exchange, which had argued that Coinbase was offering unregistered securities. Advocates like Public Citizen's Robert Weissman have noted that this retreat by the SEC showcases how increased campaign spending by cryptocurrency companies influences regulatory decisions, revealing a potentially manipulated political landscape in favor of the crypto industry.
"The SEC's decision, announced Friday by Coinbase's chief legal officer, marks the latest evidence of the nascent industry's growing political influence and the current administration's readiness to ditch corporate enforcement efforts."
"The now-abandoned lawsuit against Coinbase involved the most basic assertion of SEC authority: Coinbase cryptocurrency offerings are actually securities and must be registered and regulated as such."
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