The Coinbase logo in Times Square, New York. Reuters
The Coinbase logo in Times Square, New York. Reuters
The Coinbase logo in Times Square, New York. Reuters
The Coinbase logo in Times Square, New York. Reuters

Coinbase case dropped by US regulator as it adopts crypto-friendly course


Kyle Fitzgerald
  • English
  • Arabic

A US securities regulator on Thursday dismissed its lawsuit against Coinbase, the largest cryptocurrency exchange in the US, as President Donald Trump's administration changes Washington's stance towards cryptocurrencies.

The US Securities and Exchanges Commission sued Coinbase in 2023, alleging that it evaded regulations by allowing users to trade crypto tokens that were unregistered securities. The lawsuit was instigated by former SEC chairman Gary Gensler, who became one of the industry's greatest antagonists during his tenure.

One of the major sticking points in the case was whether some crypto assets should be classified as securities.

“I did not support the action against Coinbase. Among other things, I was concerned that it was part of the Commission’s larger strategy to use its enforcement tool to regulate the crypto industry,” SEC Commissioner Hester Peirce said in a statement.

Coinbase last week said it expected the SEC to drop its enforcement case, “righting a major wrong”, Coinbase chief legal officer Paul Grewal wrote in a February 21 blog post.

Mr Grewal at the time called for politicians to pass legislation that would bring “long-term certainty” that would help the US to lead in the crypto industry.

“Clarity will bring new inflows of capital into the US, update our financial system so consumers pay lower fees, and help create economic freedom for all,” he said.

The crypto industry had been anticipating a lighter regulatory touch after Mr Trump's 2024 electoral victory. Since his inauguration on January 20, the SEC has made a number of pro-crypto moves including establishing a “crypto task force”, replacing its Crypto Assets and Cyber Unit with a smaller team, and revisiting certain cases.

This month, a federal judge in Washington paused the SEC's lawsuit against Binance after a joint request, citing the establishment of the crypto task force.

The moves were made before the confirmation of Mr Trump's nominee to lead the agency, Paul Atkins, whose consulting firm has clients in the crypto industry.

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
If you go...

Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.

Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50

The specs
Engine: 4.0-litre flat-six
Power: 510hp at 9,000rpm
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Price: From Dh801,800
Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

UAE currency: the story behind the money in your pockets
While you're here
The biog

Place of birth: Kalba

Family: Mother of eight children and has 10 grandchildren

Favourite traditional dish: Al Harees, a slow cooked porridge-like dish made from boiled cracked or coarsely ground wheat mixed with meat or chicken

Favourite book: My early life by Sheikh Dr Sultan bin Muhammad Al Qasimi, the Ruler of Sharjah

Favourite quote: By Sheikh Zayed, the UAE's Founding Father, “Those who have no past will have no present or future.”

How to help

Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200

Updated: February 27, 2025, 11:49 PM`