Coinbase CEO Boasts About SEC Lawsuit Dismissal – Is Ripple Next?

Shortly after the lawsuit pause between the SEC and Binance, the US regulator is planning to withdraw its litigation against another crypto exchange giant – Coinbase.

The decision to fully dismiss the case still has to be approved by the Commission, but Armstrong believes it will be done as early as next week.

Coinbase Lawsuit End?

The hostile Biden administration, led by Gensler’s SEC, went after numerous crypto companies in the past few years, especially following the loud demise of FTX. In the summer of 2023, the country’s securities regulator launched numerous lawsuits against digital asset companies, including two back-to-back litigations against Binance and Coinbase.

The former’s case was paused a few weeks ago, and earlier today, Coinbase’s CEO, Brian Armstrong, celebrated an upcoming resolution for their own lawsuit. He said on X that after “years of litigation, millions of your taxpayer dollars spent, and irreparable harm done to the country, we reached an agreement with SEC staff to dismiss their litigation against Coinbase.”

The exec noted that the decision has to be approved by the Commission, but he had received internal information that this could occur next week. Once that becomes official, it would mark the case’s full dismissal, with “$0 in fines paid and zero changes to or business.”

“They were exceeding the authority given to them by Congress by asking us to delist a number of assets that were not securities. We had taken a conservative approach to ensure we weren’t listing any securities, and the SEC itself had allowed us to go public in 2021 after reviewing our listing standards in depth,” continued Armstrong.

Coinbase’s leader also gave credit to the Trump administration for winning the 2024 presidential elections, as well as for the “departure of the activist head of the SEC, Gary Gensler, who orchestrated this unlawful action along with Elizabeth Warren, and a handful of their lackeys in Congress.”

Can Ripple Benefit Next?

The upcoming end to the Coinbase lawsuit, as well as the good news for Binance, brought hope to the XRP army. Many X users questioned whether the SEC’s longest lawsuit against a big crypto company could also end soon. Recall that the regulator sued Ripple back in December 2020, and the case is still open, even though the latter secured some vital wins in the past few years.

For now, though, there’s no actual information suggesting that the lawsuit between the SEC and Ripple will be dismissed or even paused anytime soon.

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