The SEC has formally dropped its lawsuit against Binance, the largest crypto exchange, after two years of legal proceedings. The dismissal is with prejudice, preventing future action by the SEC. This development follows a joint request by both parties and the SEC's recent trend of reducing enforcement against crypto businesses, including investigations into Coinbase and Robinhood. Binance expressed gratitude for the change in regulatory approach under the Trump administration, seeing this as an opportunity for innovation unencumbered by strict regulatory actions. The situation exemplifies a broader shift towards a more crypto-friendly environment.
We're deeply grateful to [SEC] Chairman Paul Atkins and the Trump administration for recognizing that innovation can't thrive under regulation by enforcement.
The SEC lawsuit against Binance accused it of operating an illegal exchange in the US and defrauding investors.
The SEC has dropped investigations into both Coinbase and Robinhood, reflecting a broader shift in the government's approach to the cryptocurrency industry.
This dismissal marks a significant moment in the relationship between the cryptocurrency industry and the regulatory environment, showcasing a leaning towards less stringent regulation.
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