BUZZ-Coinbase Global rises after SEC decision to drop lawsuit
ReutersFeb 21, 2025 1:29 PM
Shares of cryptocurrency exchange Coinbase Global COIN.O jump 4.6% premarket to $268.50
Co says U.S. Securities and Exchange Commission to drop lawsuit against it, ending legal battle that began in 2023
Lawsuit had alleged COIN facilitated trading in cryptocurrencies that should have been classified as securities, and targeted Coinbase's staking program
SEC has shifted to a more crypto-friendly approach after Donald Trump's election as U.S. President
COIN rallied following Trump's election in November, along with other crypto stocks and bitcoin on hopes for easier regulation
However, stock has fallen over 26% from 2024's high touched in December
Up to Thursday's close, COIN up 3.3% in 2025
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