Vermont falls crypto -rash against Coinbase

Crypto Exchange Coinbase has scored another big victory in his legal battles, because US State Vermont dropped his case against the stock exchange about her deployment services.

Coinbase’s Chief Legal Officer, Paul Grewal, celebrated Vermont’s decision and called it a sign of ‘progress’.

“As we have always said: drawing up services are not effects,” he written About X. “We welcome Vermont for embracing progress and providing clarity for his citizens who have digital assets.”

Grewal continued to encourage other states that still pursue similar actions to “take a page from the Playbook of Vermont.”

The decision follows the decision of the US Securities and Exchange Commission (SEC) to rejects his own business A few weeks earlier against Coinbase, pointing to a shift in the regulatory aspects for the crypto industry under the government of President Donald Trump.

The formation of the new SEC Task Force To “give guidelines for the proclamation of rules with regard to the regulation of crypto products and services”, was cited as a crucial factor in Vermont’s decision to withdraw the case against Coinbase.

“In the light of the dismissal of federal action and probability of new federal regulatory guidance, the division is of the opinion that it would be the most efficient and in the best interest of justice to withdraw the hanging show order, without prejudice,” a Thursday submit Reads.

The legal problems between Coinbase and State Regulators date from June 2023, then Vermont, together with 10 other states, a “publishedShow order“Accusing the exchange of the violation of securities legislation by offering deploying services without the correct registration.

The 11 states argued that the Coinbase deployment services qualified as non -registered effects, as a result of which legal steps are asked to put the practice in certain areas of law.

A “cause cause order” is a legal directive that requires a party to explain why a court should not take a specific action, in this case the deployment services of Coinbase stop.

The legal actions were started shortly after the SEC had submitted his own case against Coinbase and accused the exchange of operating as a non -registered exchange, broker and clearing agency.

The SEC, under his new observation chair, Mark Uyedahas adopted a more mild attitude about enforcement compared to his earlier leadership under Gary Genler.

After the change, the SEC dropped several lawsuits against crypto companies, in particular Binance” CrackAnd OpenSeaAmong other things.

Published by Sebastian Sinclair