Well, well, well! It’s not every day that the crypto world gets a break, but this week, it seems like one just landed like a clumsy waiter at a fancy restaurant! 🍽️ The SEC, after months of legal ping-pong, has agreed in principle to drop its enforcement case against Coinbase. Can I get a “Hallelujah”? 🙌
No fines, no changes to how the exchange operates — just a clean verdict, pending final approval from the Commission. Brian Armstrong, Coinbase’s CEO, confirmed the news, adding that the decision could be finalized as early as next week. I mean, who doesn’t love a good cliffhanger? 📅
The case, filed back in June, had accused Coinbase of trading unregistered securities, specifically naming 13 tokens, including Cardano (ADA), Solana (SOL), and Polygon (MATIC). The SEC’s argument hinged on the idea that these tokens were under the control of their respective development teams, making them securities under U.S. law. Talk about a legal soap opera! 🎭
For Cardano, the SEC pointed to the influence of three key players in its ecosystem: the Cardano Foundation, EMURGO, and Input Output. Sounds like a techy version of a buddy cop movie! 👮♂️👮♀️
Cardano creator breaks silence
When the news of the potential dismissal broke, Charles Hoskinson, the main figure behind Cardano, didn’t hold back. “The healing has begun,” he said, a statement that resonated across the crypto community like a catchy jingle. 🎶
The healing has begun
— Charles Hoskinson (@IOHK_Charles) February 21, 2025
It’s not hard to see why. For months, the lawsuit had cast a shadow over not just Coinbase but the entire industry, raising questions about how far the SEC’s reach would extend. It was like waiting for a bad haircut to grow out! 💇♂️
Cryptocurrency market reaction to Coinbase news
The market, as always, reacted faster than a cat on a hot tin roof. Now that Coinbase received the “green light,” the price of the COIN stock added 4.52% on the pre-market trading. Meanwhile, the Cardano token ADA saw an instant 2% gain in a matter of an hour since the news broke, and is currently trading at $0.81. Cha-ching! 💰
What happens next is anyone’s guess. Either way, for now, the mood is cautiously optimistic. Like a kid waiting for their birthday cake — you just hope it’s not a fruitcake! 🎂
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2025-02-21 19:49