Legal

A landmark kanunî battle for the U.S. crypto sector, the government accusation that Coinbase ran an unregistered exchange, has been entirely abandoned.

In a Tuesday filing, lawyers for Coinbase argued that their case offered “the single best opportunity” to decide how to regulate secondary crypto trading.

In another 11th-hour court loss for Chair Gary Gensler’s tenure, judges in a Coinbase case again call the SEC’s crypto position “arbitrary and capricious.”