Coinbase (COIN) shares jumped 5% ahead of Friday market opening on news that the U.S. Securities and Exchange Commission (SEC) is poised to drop charges against the crypto exchange.
The broader crypto market was also climbing higher with bitcoin (BTC) nearing $100,000 for the first time since early February. The Coindesk 20 Index, a broad-market benhmark, was up 1.7% over the past 24 hours. Tokens that the SEC characterized as securities in previous lawsuits initiated under former chair Gary Gensler’s leadership also advanced as sentiment improved, CoinGecko data shows.
The agency’s potential withdrawal marks a milestone of U.S. regulatory improvements for the digital asset industry that could boost crypto prices and stocks related to digital asset trading.