Coinbase Exonerated: Armstrong Celebrates SEC Lawsuit Dismissal After Long Battle

In a significant development for the cryptocurrency sector, Coinbase founder Brian Armstrong announced on February 21st that the U.S. Securities and Exchange Commission (SEC) has reached a settlement to dismiss its ongoing lawsuit against Coinbase. This agreement, which is anticipated to gain approval within the next week, will conclude the long-standing litigation without any financial penalties or operational changes for Coinbase. Armstrong extolled the role of the prior administration in facilitating this outcome by enabling the resignation of SEC Chairman Gary Gensler, who, alongside Senator Elizabeth Warren, has been criticized for his agency’s aggressive regulatory stance against crypto companies. Reflecting on the strength of Coinbase’s case, he expressed confidence that they could have successfully defended their position in court. Armstrong also acknowledged the collective efforts of the broader crypto community in combatting the SEC’s regulatory actions, highlighting the collaborative resilience within the industry.