Investing.com -- The Securities and Exchange Commission (SEC) has declared today that it is dismissing its ongoing civil enforcement action against Coinbase Inc. and Coinbase Global (NASDAQ: COIN ) Inc. This decision comes as part of a joint agreement between the Commission and the two Coinbase entities.

On January 21, 2025, the SEC had initiated the Crypto Task Force, a body committed to formulating a comprehensive and understandable regulatory framework for cryptocurrency assets. The Commission has decided to dismiss the current enforcement action due to the ongoing work of the Crypto Task Force.

Acting Chairman Mark T. Uyeda stated that the Commission’s stance on cryptocurrency had been primarily conveyed through enforcement actions over the past few years without involving the general public. He added that it was time for the Commission to rectify its method and create a more open cryptocurrency policy, which the Crypto Task Force aims to achieve.

The decision to dismiss the pending enforcement action is based on the Commission’s judgment that it will aid in its continuous efforts to reshape and renew its regulatory approach to the cryptocurrency industry. This decision is not grounded on any evaluation of the merits of the claims made in the action.

As per the joint agreement, the Commission’s choice to seek dismissal of this litigation does not signify the Commission’s position on any other case. The Cyber and Emerging Technologies Unit will continue to target those who try to exploit innovation to harm investors, including fraud involving blockchain technology and crypto assets.

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