Brian Armstrong says Coinbase spent $50M fighting SEC lawsuit — and beat it

Coinbase on Friday said The SEC has agreed to fall against the company with prejudices, which means that it cannot be submitted again.

The move, which is still subject to the approval of the Secret, is another signal that the Trump administration plans to be friendlier too crypto than the SEC under the former chairman Gary Gensler.

The secs suitSubmitted in 2023, claimed that crypto assets were securities and that Coinbase worked as a “non -registered national securities exchange, broker and clearing agency”.

Coinbase fought back argue, In some cases, the Sec had not clearly set the rules for crypto to sue it.

“I remember that many people advised this in 2023 and said: ‘Do not take any legal disputes with the Sec. It will cost them tens of million dollars, “” Brian Armstrong, CEO from Coinbase, said CEO In a video that he posted on X on Friday, announced that the suit was dropped. In the video, Armstrong also reproached the motivations and tactics of the Sec.

Armstrong said he fought because he believed that he saved the crypto industry in America.

“Not as many other companies had deep pockets like us,” he said. “And ultimately we had to spend $ 50 million for defending this case” – and prove the noisers how expensive the fight would be.

A coinbase spokesman has made it clear that this amount contained strictly External legal costsNo workers.

Apart from coinbase obvious right victory, Armstrong said that he still believes that the United States “has to be adopted laws for crypto” in order to codify cheap regulations, or the risk of falling behind other nations.