The U.S. Securities and Exchange Commission (SEC) has agreed in principle to dismiss the Coinbase case.
“After years of litigation, millions of your taxpayer dollars spent, and irreparable harm done to the country, we reached an agreement with SEC staff to dismiss their litigation against Coinbase,” Coinbase CEO Brian Armstrong said in a statement.
According to Armstrong, this is expected to be a “full dismissal” with zero fines and charges.
“Total victory”
Legal analyst Jake Chervinsky described the outcome as a “total victory” for Coinbase. “The agencies almost never walk away from litigation without at least extracting a face-saving settlement,” he said.
The shares of COIN are up by more than 4% in pre-market trading. Bitcoin, the leading cryptocurrency, has reclaimed the $99,000 level.
Meanwhile, John Reed Stark, a former SEC official, recently predicted that the SEC’s appeal against Ripple could be next in line for dismissal.