SEC Agrees to Drop Its Case Against Coinbase, Creator of Cardano Breaks Silence

It's not every day that the crypto world gets a break, but this week, it seems like one just landed. The SEC, after months of legal back-and-forth, has agreed

The SEC has agreed in principle to drop its enforcement case against Coinbase, with no fines or changes to how the exchange operates.

The case, filed in June, had accused Coinbase of trading unregistered securities, specifically naming 13 tokens, including Cardano (ADA), Solana (SOL) and Polygon (MATIC). The SEC's argument hinged on the idea that these tokens were under the control of their respective development teams, making them securities under U.S. law.

When the news of the potential dismissal broke, Charles Hoskinson, the main figure behind Cardano, didn't hold back.

"The healing has begun," he said, a statement that resonated across the crypto community.

It's not hard to see why. For months, the lawsuit had cast a shadow over not just Coinbase but the entire industry, raising questions about how far the SEC's reach would extend.

The market, as always, reacted fast. Now that Coinbase received the "green light," the price of the COIN stock added 4.52% on the pre-market trading. Meanwhile, the Cardano token ADA saw an instant 2% gain in a matter of an hour since the news broke, and is currently trading at $0.81.