SEC to Dismiss Case Against Coinbase After Approval Process

The U.S. Securities and Exchange Commission (SEC) has decided to end its lawsuit against Coinbase after the approval process. The case, seen as a significant legal battle in the crypto industry, signals a potential reduction in regulatory pressure and marks a major turning point. Coinbase’s Chief Legal Officer, Paul Grewal, declared, “The war against crypto is over,” announcing the company’s legal victory.

Coinbase Global announced its plan to withdraw the lawsuit filed by the SEC, signaling the end of a prolonged legal battle that had posed a threat to the company and the broader sector. This decision marks the final retreat from former SEC Chairman Gary Gensler’s efforts to impose stricter regulations on the crypto industry.

Last week, the SEC requested a temporary pause in its lawsuit against Binance while it awaited the development of a regulatory framework for digital assets. In an interview, Grewal stated, “The war against crypto, at least for Coinbase, is over.”

In 2023, the SEC filed lawsuits against Coinbase, the largest crypto exchange in the U.S., and its competitor Binance.

SEC’s Defeat in the Crypto Market

Additionally, the SEC recently withdrew its appeal in the case challenging the dealer rule, delivering a significant victory for the Blockchain Association (BA) and the Texas Crypto Freedom Alliance (CFAT). This decision ended claims that the SEC had overstepped its regulatory authority, paving the way for a clearer and more supportive regulatory environment for the crypto sector.

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In an interview with Bloomberg TV, Gensler said, “Our staff is working on multiple files” and stated that he refrained from evaluating the results of these reviews at this stage.

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Gensler Discusses Bitcoin ETF Decisions

Last month, Gensler, who refrained from talking about the decision not to appeal the court decision regarding the ongoing lawsuit against Grayscale by the SEC, did not make a clear statement as to whether the institution will approve a single BTC ETF or wait for all the funds within a group.

Gensler in the following statement: “There are not one but multiple files in front of us, I think there are eight or ten files, and these are being evaluated by the staff and ultimately the Commission.”

He also stressed that when an asset manager intends to make a product public, the manager must register this product with the SEC. Highlighting the key role of the SEC’s Corporation Finance Division and the Trading and Markets Division in the review of applications, Gensler said, “This is a process that dates back decades and has been tested over time. The SEC staff, also known as the Disclosure Review Team, responds to potential issuers in this group and provides feedback.”

Market players are eagerly awaiting how the applications for spot Bitcoin ETFs will turn out, while Gensler’s statements have caused great excitement in the world of cryptocurrency.

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Gensler’s concerns revolve around the centralization of artificial intelligence models and cloud service providers. SEC Chairman Gary Gensler stated, “If everyone is relying on the same basic model and the major technology companies own this model. How many cloud providers do we have in the country?

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In addition to cryptocurrency regulations, artificial intelligence has also become one of the SEC’s focal points. Gensler is worried over-reliance on models like ChatGPT could lead to a series of psychological effects in some financial markets. (Such as Wall Street and US financial markets.)

This attitude was also evident in the article “Deep Learning and Financial Stability” . (This article that Gensler previously co-wrote with MIT research assistant Lily Bailey in 2020). According to the 2020 article, the use of artificial intelligence in the financial system could lead to risks in the economy.

The effects of artificial intelligence technology within the financial system could play a significant role in future regulations and financial policies. Also, Gensler’s statements can be a warning about the need for careful regulation of the use of artificial intelligence.

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