A new decision in the ongoing case between the US’s largest cryptocurrency exchange Coinbase and the SEC is causing movement in the price of Bitcoin.
In a case between Coinbase and the US Securities and Exchange Commission (SEC), the judge stated that Coinbase operates as an exchange, broker, and trading company within the country’s laws and defined the staking program as a securities sale.
Coinbase had previously submitted a petition to dismiss the SEC case. According to the judge’s recent decision, this petition was also rejected, and the case was not dismissed accordingly. The court also supported the exchange against the SEC’s allegations regarding Coinbase’s wallet.
Last year, the SEC claimed that SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO were securities due to their unregistered operations and initiated a case against Coinbase in June of that year.
The case has not yet concluded, but some decisions have been made.
Movement in Bitcoin
According to CoinGecko data, Bitcoin reached its highest level in the last 10 days at $71,800 shortly before the decision on the case. Following the case decision, the price of Bitcoin experienced a sharp decline of over 4% and dropped to $69,050.
