Coinbase Leadership Says SEC Will Drop Its Lawsuit Against the Exchange

Brian Armstrong, CEO and co-founder of Coinbase, speaks during a conference in Beverly Hills, Calif., on May 2, 2022. Patrick Fallon/AFP via Getty Images

Cryptocurrency exchange operator Coinbase said the U.S. Securities and Exchange Commission (SEC) will drop a key suit against the company.

On Feb. 21, Coinbase Global Inc. Chief Legal Officer Paul Grewal published a blog post on the company’s website that said the SEC’s staff has “agreed in principle to dismiss its unlawful enforcement case against Coinbase, subject to Commissioner approval.”