Coinbase Says SEC Is Close to Dismissing Enforcement Case (3)

Coinbase Global Inc.said the Securities and Exchange Commission has agreed to drop its lawsuit that accused the largest US cryptocurrency trading platform of running an illegal exchange. The agreement is pending commissioner approval.

Coinbase shares jumped in premarket trading on Friday, only to reverse course and decline 4% to $246.30 as of 12:45 p.m. in New York. Bitcoin was down about 1% on the day at around $97,000.

The decision is the latest retreat from the policies of former SEC Chair Gary Gensler, who officials in the crypto industry complained had sought to regulate the industry through enforcement ...