Coinbase Global announced that the U.S. Securities and Exchange Commission (SEC) plans to withdraw its lawsuit against the crypto exchange, bringing an end to a contentious legal battle that was once seen as existential for both the trading platform and the broader industry.

The decision marks the latest reversal of policies under former SEC Chair Gary Gensler, whom crypto industry leaders criticized for attempting to regulate the sector through enforcement actions.

Last week, the SEC also requested to pause a similar lawsuit against Binance, citing the pending development of a regulatory framework for digital assets under former President Donald Trump’s crypto-friendly administration.

“At least as far as Coinbase is concerned, the war on crypto is over,” said Coinbase Chief Legal Officer Paul Grewal in an interview.

In 2023, the SEC had sued both Coinbase, the largest U.S. crypto exchange, and its rival trading platform Binance.

Source: İlayda Gök/ Prepared by: İlayda Gök