Coinbase Global Inc. CEO Brian Armstrong took to X on Friday to announce that the company and the United States Securities and Exchange Commission (SEC) had reached an agreement to dismiss the latter's litigation against the former.
In June 2023, the SEC alleged that the broker for years broke its rules by letting users trade numerous crypto tokens that were "unregistered securities" and failing to register its staking program.
According to Armstrong, the deal is awaiting the Commission's approval. Once granted, anticipated to occur next week, "this would be a full dismissal, with $0 in fines paid and zero changes to our business."
Coinbase's shares added 5.53% during premarket trading following the announcement.
