Another victory for Coinbase when Vermont drops his crypto deposit case against the exchange

• Paul Grewal, Chief Legal Officer from Coinbase, said her "work is not over yet"
• Vermont made a exhibition cause shortly after submitting a lawsuit against Coinbase in 2023 that the Sec had submitted
• The SEC dropped its lawsuit against coinbase in February

The US state of Vermont has reduced its legal case against Coinbase because of its hiring services and achieved the exchange of another significant victory.

In a post on X Paul Grewal, Chief Legal Officer from Coinbase said: "As we have always said: The insertion of services is not a securities. We welcome Vermont for progress and clarity for its citizens who have digital assets."

Grewal added that their work is not over and that "other states should take a page from MassBook with actions.

Today the condition of Vermont released his lawsuit against the lawsuit @coinbase regarding the inventory services. As we always said: taking off services are not securities. We welcome Vermont to ensure that we apply the progress and ensure clarity to its citizens who have digital assets. 1/3

- paulgrewal.eth (@Aimpaulgrewal) 13. March 2025

The message comes after the US Securities and Exchange Commission (SEC) dropped their complaint against Coinbase in February. The agency sued Coinbase in 2023 and accused them of operating as a non -registered securities exchange.

cause

Vermont was one of 10 states, including Alabama, California, Illinois, Kentucky, Maryland, New Jersey, South Carolina, Vermont, Washington and Wisconsin, which initiated legal steps against Coinbase in 2023. At that time, they argued that the platform corresponded to the definition of securities according to their laws.

in Mankrts Department for Financial Regulation document it means:

"In view of the dismissal of the federal action and the likelihood of new guidance of the federal government, the department of the view that this is the most efficient and in the best interest of justice, the outstanding arrangement of the upcoming arrangement of the specification of causes without prejudices."

an issue of exhibition is if a court orders a party to explain why a certain lawsuit should not be enforced. In the case of Coinbase, the exhibition regulations cause argues that the platform offered its users to hire services without a license and to violate securities laws.

Since the new administration has entered the White House, the SEC changed the tracks and pursued a pro crypto approach. The former SEC chairman Gary Gensler has gone and Mark Uyeda heads the agency as the reigning chairman. Trump has already appointed Paul Atkins as the incoming SEC chairman.

Other complaints that have dropped the sec are those against octopuses, Robinhood crypto and uniswap.