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The agency’s withdrawal of the lawsuit could boost crypto prices, marking a milestone in U.S. regulatory oversight for the digital asset industry.
Feb 21, 2025, 2:04 p.m. UTC
What to know:
- Coinbase shares gained 5% pre-market on news that the SEC is set to drop charges against the exchange. Robinhood added 4%.
- Tokens alleged securities by the SEC also gained as sentiment improved.
- Bitcoin added to previous gains, nearing $100,000.
Coinbase (COIN) shares jumped 5% ahead of Friday market opening on news that the U.S. Securities and Exchange Commission (SEC) is poised to drop charges against the crypto exchange.
The broader crypto market was also climbing higher with bitcoin (BTC) nearing $100,000 for the first time since early February. The Coindesk 20 Index, a broad-market benhmark, was up 1.7% over the past 24 hours. Tokens that the SEC characterized as securities in previous lawsuits initiated under former chair Gary Gensler’s leadership also advanced as sentiment improved, CoinGecko data shows.
STORY CONTINUES BELOW
The agency’s potential withdrawal marks a milestone of U.S. regulatory improvements for the digital asset industry that could boost crypto prices and stocks related to digital asset trading.
Krisztian Sandor is a U.S. markets reporter focusing on stablecoins, tokenization, real-world assets. He graduated from New York University’s business and economic reporting program before joining CoinDesk. He holds BTC, SOL and ETH.
