In an X post published yesterday, Coinbase CEO Brian Armstrong claimed that his company had reached an agreement with the US Securities and Exchange Commission to drop the regulator’s legal action against the exchange. Armstrong’s post has created excitement in the crypto community. Ripple CEO Brad Garlinghouse has responded enthusiastically to the post, noting that the SEC is moving on quickly from the flawed policy framework of the past. Let’s dive in for more details!
SEC Drops Case Against Coinbase Without Penalties
In 2023, the US SEC originally initiated its legal action against Coinbase, alleging that the exchange violated laws by offering investments without registering properly.
Armstrong stated that the SEC agreed to dismiss the legal action against Coinbase. He specifically noted that the settlement does not require the exchange to pay any fines or make changes to its operations.
Interestingly, the SEC has not yet made a public statement on the development.
Brad Garlinghouse Reacts to the SEC’s Decision
Brad Garlinghouse is one of the key cryptocurrency business leaders who has expressed excitement about this development. He sees this as a genuine effort to move away from the oppressive regulatory policy framework of the previous regime.
Could Ripple Be Next? Analysts Weigh In
Attorney Jeremy Hogan has predicted that the SEC may make significant moves in the near future. Notably, former SEC official John Reed Stark has suggested that the SEC’s lawsuit against Ripple may be withdrawn soon. Hogan supports Stark’s prediction.
The SEC recently filed its opening brief against Ripple in a legal proceeding. The crypto firm has until April 16 to submit its cross-appeal brief.
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