By favour nwanneri 
Coinbase’s $50M Win: Can Crypto Companies Breathe Easier?
Coinbase CEO Brian Armstrong announced that the Securities and Exchange Commission (SEC) has agreed to dismiss its lawsuit against the company, marking a significant victory for the cryptocurrency exchange.
The lawsuit, initiated in 2023, accused Coinbase of operating as an unregistered securities exchange and failing to properly register its crypto staking program. Armstrong revealed that Coinbase spent over $50 million in external legal fees defending against the case, excluding internal costs and resources. He emphasized that the dismissal will result in no fines and no changes to Coinbase’s business operations.
This development reflects a shift in regulatory approach under President Donald Trump’s administration, which has adopted a more crypto-friendly stance. The SEC’s decision to drop the case is seen as a positive signal for the broader cryptocurrency industry, potentially paving the way for clearer regulations and increased innovation within the United States.
Armstrong has called on Congress to establish comprehensive cryptocurrency legislation, particularly concerning stablecoins, asset classification, and a national Bitcoin reserve strategy. He stressed the importance of clear regulations to prevent regulatory overreach and to support the growth of the crypto industry in the U.S.