The U.S. Securities and Exchange Commission officially decided to dismiss its case against Coinbase with prejudice, meaning it will not be refiled.
Last week, Coinbase said the agency planned to dismiss its case against one of the largest crypto companies in the U.S. "SEC staff has agreed in principle to dismiss its unlawful enforcement case against Coinbase, subject to Commissioner approval — righting a major wrong," Coinbase Chief Legal Officer Paul Grewal said at the time.
The case stretches back to June 2023, when the SEC sued Coinbase, two years after the top U.S.-based cryptocurrency exchange went public. The agency alleged that Coinbase had violated U.S. securities laws by merging three functions typically kept separate: brokers, exchanges and clearing agencies.
"Coinbase has never registered with the SEC as a broker, national securities exchange, or clearing agency, thus evading the disclosure regime that Congress has established for our securities markets," the regulator noted at the time.
Earlier Thursday, in a move similar to Coinbase's last week, Consensys's founder Joseph Lubin said that the SEC had agreed 'in principle' to end its case against MetaMask. Consensys is the developer of the popular crypto wallet MetaMask.
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