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In a significant legal victory for the cryptocurrency industry, the U.S. Securities and Exchange Commission (SEC) has decided to drop its lawsuit against Coinbase without imposing any fines.
Coinbase founder and CEO Brian Armstrong attributed this development to the recent political shift in Washington.
Armstrong expressed gratitude to the Trump administration for its role in the ouster of SEC Chairman Gary Gensler, whom he accused of “illegal conduct” along with Senator Elizabeth Warren and some congressional allies.
“Thank you Trump administration, thank you for winning the election and removing radical SEC chairman Gary Gensler,” Armstrong said. “I was confident we would have won this case in court no matter what because our facts were so strong, but this certainly expedited the process and increased accountability.”
The lawsuit, which alleged that Coinbase violated securities laws by offering unregistered securities, has been a major regulatory battle between the SEC and the crypto exchange. Armstrong noted that he had raised concerns about the SEC’s regulatory approach as early as 2021, calling its actions against crypto firms questionable.
In his statement, Armstrong paid tribute to smaller crypto startups that have been forced into bankruptcy due to legal costs related to SEC enforcement actions.
“I especially want to take my hat off to the crypto startups that went bankrupt because they couldn’t afford the legal fees. Even though your company is dead, the crypto industry is still alive,” he said, urging the crypto community to continue innovating despite regulatory challenges.
He also expressed his appreciation to lawmakers from both political parties who support crypto innovation in the U.S., noting that pro-crypto voters have become an influential force in elections.
Armstrong expressed hope that the SEC would enact meaningful reforms under new leadership, mentioning Paul Atkins, Mark Uyeda, Hester Peirce and even giving a nod to Elon Musk’s efficiency initiative “DOGE.”
“Now, let’s push for crypto legislation in the US, clarify the rules, and truly begin the next phase of development,” he concluded.
*This is not investment advice.
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