PANews reported on February 21 that Coinbase co-founder and CEO Brian Armstrong posted on the X platform that after years of litigation, millions of taxpayers' money were spent, and irreparable damage was caused to the country, Coinbase reached an agreement with the staff of the US Securities and Exchange Commission to withdraw their lawsuit against Coinbase. Once approved by the US Securities and Exchange Commission (it was told that it would be approved next week), it will be a complete revocation, with zero fines and no changes to the business.

1. The SEC erred on the law.

2. Surrendering to the SEC’s demands could lead to the demise of the U.S. crypto industry.

3. Dismissing the lawsuit is the right choice for Coinbase’s customers and the industry.

Brain Armstrong said that he looks forward to the SEC's reforms under the leadership of Paul Atkins, Mark Uyeda, Hester Peirce and DOGE, and looks forward to new and wiser personnel entering leadership positions.