Coinbase Surges 5%, Robinhood Gains 4% as SEC Reportedly Drops Lawsuit; Bitcoin Nears $100K
Shares of Coinbase (COIN) spiked 5% in premarket trading Friday following reports that the U.S. Securities and Exchange Commission (SEC) plans to drop its lawsuit against the crypto exchange.
Robinhood (HOOD), which has expanded its crypto offerings in recent months, rose 4% on the news. Meanwhile, bitcoin (BTC) approached the $100,000 milestone, gaining momentum alongside broader market optimism. The CoinDesk 20 Index, a key measure of the crypto sector, climbed 1.7% in the past 24 hours.
Tokens previously flagged as securities under the SEC’s previous enforcement actions—including Solana (SOL), Cardano (ADA), and Polygon (MATIC)—saw renewed investor interest, per CoinGecko data.
The SEC’s potential reversal signals a turning point for crypto regulation in the U.S., potentially paving the way for broader institutional adoption and further price appreciation across digital assets.
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