There was a two year long lawsuit going on between the US security and exchange commissions and the Coinbase. Call DSEC is giving statements about dismissing that lawsuit. And after that the pricing and value of the Coinbase has rocketed.
The reason for the lawsuit was because the coin base was operating an exchange base without the knowledge of the authorities. And it was providing services from this exchange base to the local public. This all happened during the administration of President Joe Biden.
After the election of President Donald Trump, the market value and dynamics of the crypto market has really changed in the United States because the president believes in the potential of the crypto market. Apparently the sentiments of investors and the value of bitcoin has also changed in the United States.
No, there is a more crypto friendly system which is enabling the investors to work with the crypto exchange agencies of the US because the SEC was making it hard for the investors to do business with the help of the regulatory authorities.
That’s why it is going to drop the lawsuit because it is now showing that its stand has changed and there will be no more hard and fast rules. That fine dismissal of the lawsuit is not only going to give positive impacts to the industry, but it will keep the people who have the digital assets from all over the country loyal to the crypto market.
All of these incidents took place under the watch of the acting CEO and Trump has nominated Paul Atkins to take the agency into its further evolutionary era. The chief Gary resigned from his position because he was making the rules and regulations really hard for the people. And it was not his fault because the law enforcement of the United States regarding the crypto currency was making him do it. But still, he stepped down.
The total shares of Coinbase was circling around 50%, but this year they have uplifted to 5% only. But after the news of dismissing the lawsuit the shares of Coinbase really took higher and many authorities were rushing towards Coinbase to buy or sell their cryptocurrencies through their platform.
Even if the SEC is going to dismiss the lawsuit, this whole situation is a win-win for the industry. Because the industry is actually thriving to gain some profit from the decision.
All countries should pay really close attention to cryptocurrency as this is going to change the area of business as well as investment all around the country and all over the world. It is good to change with the upcoming time rather than being stuck at one position.