Summary
- The Alabama Securities Commission has reportedly withdrawn its lawsuit against Coinbase for alleged violations of securities laws.
- The background for the withdrawal of the lawsuit includes the formation of a cryptocurrency task force by the SEC, which indicated the need for time to discuss policies.
- Coinbase was previously sued along with nine states over allegations of violating securities laws related to the provision of customer staking services.
The Alabama Securities Commission has withdrawn its lawsuit against the cryptocurrency exchange Coinbase for alleged violations of securities laws.
According to court documents cited by Cointelegraph on the 24th (local time), the Alabama Securities Commission decided to withdraw the lawsuit against Coinbase, considering it appropriate to allow policymakers sufficient time for discussion following the formation of a cryptocurrency task force by the U.S. Securities and Exchange Commission (SEC).
Previously, in June 2023, the Alabama Securities Commission filed a lawsuit claiming that Coinbase violated securities laws in the process of providing staking services to customers. At that time, regulatory agencies from nine states, including California, Illinois, Kentucky, Maryland, New Jersey, South Carolina, Vermont, Washington, and Wisconsin, also participated in the lawsuit.
Suehyeon Lee
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