Coinbase Inc. COIN CEO Brian Armstrong announced that the Securities and Exchange Commission has decided to fully withdraw its enforcement case against the company.

What Happened: Speaking to CNBC on Friday, Armstrong described the lawsuit as an unjustified attack on the cryptocurrency industry and said the SEC had no legal basis for its claims.

“This is a huge day for us and also for the 50 million Americans who hold crypto,” Armstrong said. “This case was bogus, and we were right on the facts. If we hadn’t stood up for our customers’ rights, it could have been the end of the crypto industry in America.”

The SEC sued Coinbase in 2023, accusing it of operating as an…

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