In a positive development of the encryption industry, the American Securities and Stock Exchange Committee (SEC) plans to end its 20 -month legal battle against the platform for coding and withdrawing the issue of enforcement, and it is a transformation from the “previous enforcement regulations by implementation” approaching.
Again to reject Coinbase
Friday, Coinbase Declare SEC employees have in principle to drop a lawsuit against the encryption platform. In a joint video clip on X, Exchang CEO, Brian Armstrong, revealed that the American organizer had informed them of their plan to withdraw their lawsuits against the encryption platform.
He explained that the plan still needs approval from the Commissioner of the Supreme Education Council, which they hope to happen next week. Armstrong stated that the refusal of the lawsuit will be a huge deal for the encryption industry, as it indicates where the American organizational approach is heading.
Armstrong shares SEC's plan to withdraw enforcement case. Source: Coinbase
SEC sued Coinbase in 2023, claiming that the platform was not registered. The American organizer argued that Coinbase works as unregistered sins and was illegally selling unregistered securities through the Stokeing Program.
After the joint SEC and Binance proposal to stay their legal battle for a period of 60 days, the industry speculates that other encrypted cases will follow its example. However, Coinbase was in a “unique position”, as journalist Elianor Territ noticed, as the lawsuit was suspended in January after Judge Catherine gave Villa a “rare” vital appeal for exchange.
A month ago, Coinbase submitted a petition for an appeal permission, which SEC had until February 14 to respond to it. According to Terret, the agency’s response will shed light on how the US agency is dealing with encryption claims under the new representation chair and the new organizational approach.
Last Friday, the Supreme Education Council requested an additional 28 days to review the stock market for appeal and suggested that the recently formed encryption squad will end the extended legal battle.
The encryption legislation is still a major priority
In Blog Blog, Coinbase’s Clo, Paul Grew, The name This development is a victory “not only for Coinbase, but for our customers, the United States and individual freedom.” He pointed out that the Supreme Education Council is now accountable for enforcement cases driven by the change of political leadership.
Coinbase publicly became April 2021. As part of this process, SEC reviewed our business model and S1 and allowed us to the public. Two years later, they filed a lawsuit against us. This is despite anything that is absolutely changed in our business model. What changed during these two years was the political leadership in the Supreme Council for Education. In her war against Crypto, she acted as if it were above the law, as she raped the authority of Congress as stipulated in the constitution.
Grewal also called for encryption legislation to prevent “Rouge organizers” from weapons “lack of clarity again.” This contact follows the Coinbase Cpo Fariar Shirzad invitation to Congress to work on encryption regulations.
Sherzad recently urged American lawmakers to design a clear and balanced organizational framework, adding that Congress can seize a historical opportunity “to enact deliberate legislation that provides clear innovators and companies while protecting consumers.”
Grewal closed this post by mentioning the desire to work with SEC employees “to implement a real change” and continue to develop the encryption industry in the United States.
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