Crypto crowd ready for blue skies under Trump administration: Four-year ‘harassment’ is over
New York PostJan 18
Coinbase Says SEC to Drop Crypto Lawsuit
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Above: In this photo illustration, a Coinbase logo is seen displayed on a smartphone with a US Securities and Exchange Commission logo in the background. Image copyright: Avishek Das/Contributor/SOPA Images/LightRocket via Getty Images
The Facts
The US Securities and Exchange Commission (SEC) has reportedly agreed in principle to dismiss its lawsuit against cryptocurrency exchange Coinbase, which it had accused of operating as an unregistered securities broker. The final decision is pending commissioner approval.
The SEC's lawsuit, which was filed in June 2023 during former Pres. Joe Biden's administration, alleged that Coinbase's actions were depriving investors of critical protections and safeguards against fraud and manipulation.
According to a Coinbase official, the proposed dismissal would come without any financial penalties or admission of wrongdoing, and the case would be dismissed with prejudice, meaning it cannot be brought again.
The Spin
Narrative A
Dropping this lawsuit is terrible for customers, but not surprising under Trump. Coinbase currently faces multiple allegations of negligence, with millions of dollars reportedly lost to scams due to lax security. Meanwhile, Trump's reversal of Biden's crypto protections, favoring his and his wife's personal coins worth billions, benefits his crypto donors and himself over the public. This self-dealing risks financial instability while ignoring Coinbase's failures.
Narrative B
This decision is not corrupt, but a win for innovation and fairness. Coinbase fought an overreaching SEC, spending millions to protect customers and the crypto industry from unlawful regulation, proving its integrity with a full dismissal and no fines. Trump's pro-crypto agenda, notably his appointment of leaders like Paul Atkins, reverses Biden's stifling policies, fostering a thriving US crypto market that benefits the economy rather than chilling it.
