SEC’s Expected Coinbase Case Dismissal Fuels Crypto Market Rally
Coinbase (COIN) shares surged 5% in pre-market trading on Friday following reports that the U.S. Securities and Exchange Commission (SEC) is preparing to drop its lawsuit against the crypto exchange.
Robinhood (HOOD), a trading platform that has seen significant growth from its crypto offerings, also gained 4% as investor sentiment turned bullish.
The broader cryptocurrency market followed suit, with bitcoin (BTC) inching closer to the $100,000 mark for the first time since early February. The CoinDesk 20 Index, a key market benchmark, climbed 1.7% over the past 24 hours. Additionally, several tokens previously labeled as securities by the SEC under former chair Gary Gensler saw renewed buying interest, according to data from CoinGecko.
If confirmed, the SEC’s decision to drop the case would represent a pivotal moment for U.S. crypto regulation, potentially easing compliance concerns for digital asset firms and fueling further market optimism.
