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Coinbase CEO Brian Armstrong announced on X that the company has reached a deal with the SEC to dismiss its litigation, which is expected to be finalized next week.
The resolution comes with no fines or changes to Coinbase’s operations, marking a significant victory after a costly and lengthy legal battle.
Armstrong explained that many had doubted the decision to take on the SEC in 2023, but he remained confident the agency overstepped its authority. He criticized the SEC’s attempts to classify certain assets as securities, which he believed would have harmed the U.S. crypto industry by pushing it offshore.
This dismissal, according to Armstrong, is a win for both Coinbase’s customers and the broader crypto space. He credited the Trump administration’s influence in expediting the process, especially after former SEC chair Gary Gensler’s departure.
Armstrong also thanked other crypto firms and startups who fought similar battles and acknowledged efforts in Congress to support the industry.
Looking ahead, Armstrong emphasized the need for clearer crypto regulations and expressed optimism about continuing to work with the SEC. He called for decisive legislation to help the crypto industry thrive in the U.S.