Coinbase, a major US cryptocurrency exchange company, announced on the 21st that the US Securities and Exchange Commission (SEC) has agreed to withdraw its lawsuit against the company. The SEC claimed that its cryptocurrency transactions were unregistered securities transactions and were against the federal securities law.

The Trump US administration, which was favorable for cryptocurrencies, is believed to have shifted its stance from the previous administration, when crackdowns were strict. In a statement, Coinbase emphasized that “it is a victory for the entire cryptocurrency industry and the 52 million Americans who own digital assets.” The withdrawal will be finalized with approval by the SEC committee member.

The SEC filed a lawsuit against Coinbase in June 2023. It alleged that Coinbase had intentionally failed to make necessary registrations with the authorities despite being subject to the securities law. (Joint)