Coinbase says the Securities and Exchange Commission has agreed to dismiss its case against the cryptocurrency platform, pending commission approval

The Securities and Exchange Commission has moved quickly to overhaul its ... all pending matters would be seen as unprecedented. The SEC sued both Coinbase, the largest U.S. crypto exchange, and rival trading platforms Binance in 2023.

The company says the commission will vote on a deal negotiated by staff to abandon the enforcement case at the core of the agency's previous crypto stance.

The news follows a flurry of similar actions by the U.S. Securities and Exchange Commission, such as agreeing on Friday to drop an investigation into Robinhood’s cryptocurrency division and the NFT platform OpenSea and ending its litigation against Coinbase.

Coinbase said on Friday the U.S. securities regulator planned to withdraw its lawsuit against the crypto exchange, ending a contentious years-long legal battle once considered existential for the trading platform and the broader sector.

The Securities and Exchange Commission has agreed to drop its lawsuit against Coinbase, following what the crypto exchange said was a change in “political leadership” at the agency, which accused Coinbase of failing to register as a securities exchange under the Biden administration.

ARK Invest, led by Cathie Wood, made an interesting move during Tuesday’s crypto downturn. The firm sold 98,060 shares of its own spot Bitcoin

More tokens could be added to exchanges, increasing their trading revenue. This might also open the floodgates to crypto firms' IPOs in the U.S.

The regulator sued the U.S.’s most prominent crypto exchange in June 2023 for allegedly flouting securities laws.

Coinbase said Friday that the Securities and Exchange Commission has agreed in principle to drop a federal lawsuit that charged the company with illegally selling securities.