Breaking News: SEC and Coinbase Agreement

In a significant development, Coinbase Global Inc. and the United States Securities and Exchange Commission (SEC) have reached an agreement to dismiss the litigation against Coinbase. This announcement was made by Coinbase CEO Brian Armstrong on X, highlighting a pivotal moment for the crypto industry.

Background of the Litigation

In June 2023, the SEC accused Coinbase of violating its rules by allowing users to trade numerous crypto tokens deemed as "unregistered securities" and failing to register its staking program. This led to a legal battle that has now seen a resolution.

Terms of the Agreement

According to Armstrong, the agreement is pending the Commission's approval, expected next week. He emphasized that the dismissal would be complete, with no fines paid and no changes to Coinbase's business operations. This news led to a 5.53% increase in Coinbase's shares during premarket trading.