The American Securities and Exchange committee will soon vote on an agreement negotiated with Coinbase to fully abandon the legal pursuit of the Crypto exchange agency, according to the best lawyer for the company.
While the dry has made movements almost daily to reverse the positions spent on digital assets, the waiting vote would mark a moment of the watershed which could start a series of legal domino to release other cryptographic companies from the application actions . Since the agreement between Coinbase and the SEC staff assume a rejection of the case “with prejudices,” said Coinbase Leader -Chief Director Paul Grewal, the accusations of the regulator of securities violations would be closed permanently.
“It’s a great day for Coinbase, yes, but it’s also a great day for crypto in America,” said Grewal in an interview with Coindesk. “We have all the expectations, on the basis of representations that have been made to us, that this approval will come, and with that, the dismissal will then be deposited.”
He retired it in simpler terms: “We win; they lose.”
And CEO CEO, Brian Armstrong, said in a video published on Friday that “this is an important signal on things that are happening”.
When the SEC continued for the first time Coinbase – the most important of crypto platforms based in the United States – it represented a blow through the bow of industry. SEC allegedly alleged that Coinbase violated the federal law by not registering as a compensation, broker or place of negotiation, depending on the vision of the agency of the so-called Howy test which determines if an asset is a title. The company has chosen to fight against accusations before the Federal Court, and this legal confrontation had been fierce, more recently, seeing a judge with the efforts of Coinbase to raise an appeal from the central question to the dispute: these tokens are negotiated Really under the jurisdiction of dry dry?
The industry has long expected to wait for the courts – finally even the Supreme Court of the United States – govern themselves on the assertion of the former president of the SEC, Gary Gensler, most of the tokens are in fact Cryptographic titles. But the surrender of the dry in this dispute should be taken up in other cases, which would put the final word on the legal definition in the hands of the congress.
Thus, the committee’s vote could launch the main objective of the industry towards lobbying instead of legal disputes.
SEC application meetings – currently composed of the acting president Mark Uyeda, the republican commissioner Hester Peirce and the Democratic Commissioner Caroline Crenshaw – generally take place on Thursdays, so that the final decision on the recommendation of the staff can be delayed as long as a week. Crenshaw was a vocal skeptic in the digital asset industry and its compliance, it is therefore not clear if it would be willing to sign the dismissal.
A SEC spokesperson refused to comment on the agreement revealed by Coinbase.
Dry allies
Uyeda and Peirce, who was appointed head of the new working group on the agency’s cryptography, had long been sympathetic to the assertion of the digital asset industry that it was poorly managed by the SEC. Once Donald Trump has sworn as president, he gave the agency to Uyeda’s hammer in Uyeda, and Uyeda began to quickly move his course on the crypto. It is the last and – assuming a vote yes – probably the most important of changes to date.
Finally, the former commission Paul Atkins will take over after obtaining a confirmation from the Senate. But Uyeda and Peirce both served Atkins as advice during his dry mandate, so Atkins should usually follow the same path on Crypto as Uyeda is already cleaning.
Earlier this week, the agency moved its application unit – once focused on the crypto – towards greater responsibility compared to “emerging technologies”, suggesting a withdrawal of the era of attention heavy on crypto cases. He also abandoned his appeal in the fight to defend his efforts to force a large band of cryptographic activity in his recent rule in order to extend the definition of what makes a “concessionaire” under the monitoring of the dry.
In another case of brand crypto, the regulator recently asked to take a break from the binance application dispute. These accusations of violations of the securities law overlapped to a certain extent with the complaint against Coinbase, although the prosecution in Binance also includes accusations of fraud and conflicts of interest.
The dry had also pointed out last week that something was preparing with Coinbase when he asked for a delay in legal proceedings, which suggests that negotiations were underway towards a resolution and indicating that the new working group in crypto of The agency would help the law enforcement team “potential resolution of the agency.”
“The unilateral surrender of the dry in its trial against Coinbase is a historical error that endangers investors, markets and financial stability,” said Dennis Kelleher, CEO of Better Markets, a advocacy group based in Washington that denounces regularly cryptographic dangers. “SEC used to enforce the law without fear or favor, but now promotes cryptographic industry and feared the billionaire cryptography pingis which publicly reduce the agency.”
The vote
In the coming days, industry lawyers will monitor the Coinbase de la SEC vote, then the judge’s response before the American district court for the South New York district. If the SEC officially supports the accusations of the IndapPorts Coinbase Lestatives not signified, it will have to do the same in all similar cases.
“I hope that our rejected business will also offer a model so that other cases are also resolved,” said Grewal. “And if that were the case, we would be delighted, because we estimated that the whole Gary Gensler campaign against the crypto was a distortion – frankly, an abuse – of the legal process.”
While the agency continues to resolve past actions, it is indicated that the future intention is to focus on fraud on the disagreements of compliance. And Uyeda said Thursday that Thursday that the new dry working group would guide its application.
“One of this working group will be to ensure that we judiciously deploy the application resources,” he said during an event in Washington.
Grewal has recognized that the next priority quickly becomes American legislation which can establish clear regulations at the federal level. To this end, Coinbase was among the main cryptography companies plunging into the political arena, deployment of tens of millions of dollars in the 2024 elections (through PAC Fairshake) to guarantee a more user -friendly congress. One in 10 members of this congress was stimulated by Fairshake advertisements in their campaigns last year.
“We have seen the congress announce its commitment to legislation from the first 100 days,” noted Grewal. “We are therefore very impatient, with this now raised cloud, to focus our attention on the adoption of the legislation on the market structure and the stablecoins. It is frankly late.”
Update (February 21, 2025, 13:11 UTC): Add a dry request for comments.
Update (February 21, 2025, 15:06 UTC): Add the dry response.
Update (February 21, 2025, 15:51 UTC): Add comments from Dennis Kelleher, CEO of Better Markets.
Update (February 21, 2025, 15:55 UTC): Add a quote and a link to the video of the CEO Brian Armstrong.
