Amelie (@_Crypto_Barbie), a well-known crypto influencer, recently drew attention to a major development in the crypto space. The U.S. Securities and Exchange Commission (SEC) has agreed in principle to dismiss its enforcement case against Coinbase, marking a significant shift in the regulatory landscape for the cryptocurrency industry.
The decision, subject to approval by SEC commissioners, follows Coinbase’s longstanding assertion that the case was unfounded. This development has led to growing speculation that the SEC lawsuit against Ripple may be nearing its end.
Amelie predicted that the Ripple lawsuit could be next, and her statement aligns with recent comments from former SEC Director John Reed Stark, who suggested that the agency’s shifting stance could lead to the dismissal of the Ripple case.
Coinbase’s Chief Legal Officer, Paul Grewal, confirmed the news in a company blog post, calling it a correction of a “major wrong.” He emphasized that the lawsuit, which accused Coinbase of operating as an unregistered securities exchange, should never have been filed.
Grewal noted that the SEC had previously reviewed and approved Coinbase’s business model when the company went public in 2021. Despite no changes to its operations, the SEC filed charges two years later.
The SEC’s reversal, pending commissioner approval, raises questions about its broader enforcement strategy against crypto firms. This change of course could directly impact the Ripple lawsuit, a case that has been closely watched for its potential to define whether certain digital assets qualify as securities.
The SEC’s case against Ripple, which began in 2020, has been one of the most consequential legal battles in the crypto industry. The agency alleged that Ripple conducted an unregistered securities offering via XRP sales. Ripple has consistently denied these claims, and defeated the SEC in court, affirming XRP’s non-security status.
With the agency now backing away from its lawsuit against Coinbase, legal analysts and industry insiders believe Ripple’s case could see a similar resolution.
The dismissal of the Coinbase lawsuit signals a broader reassessment of the SEC’s crypto enforcement policies. In his statement, Grewal criticized the agency’s leadership for its adversarial stance against the industry, arguing that the SEC had usurped the power of Congress.
He also emphasized the need for legislative action to establish clear regulatory guidelines, stating that without it, a “rogue regulator” could again create uncertainty in the market. The U.S. has the most pro-crypto Congress in its history, and the current administration could finally give the crypto world the proper regulation it has desired for years.
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