The cryptocurrency industry is celebrating the news that the SEC is dropping its case against Coinbase. The significance of the dismissal being "with prejudice" suggests that the SEC does not expect to bring the case back. The SEC's joint filing to "stay" the SEC-Binance case also indicates a shift away from regulation by enforcement, at least towards crypto exchanges. The 60-day postponement in the Binance case may indicate a self-imposed timeline for future guidance by the SEC. Cases with evidence of fraud are likely to proceed, while those dealing with digital asset classification may be resolved through settlement or dismissal. The SEC's approach to enforcement actions against crypto coins or tokens is not expected to be indicated by the Coinbase dismissal. The SEC closed its investigation into Robinhood, and attention now turns to the Ripple litigation.



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