Coinbase has settled its Freedom of Information Act lawsuit against the Securities and Exchange Commission, the company confirmed. The news sent COIN shares down 2.68% in after-hours trading.
The FOIA dispute
The lawsuit, filed earlier this year, sought documents from the SEC under the Freedom of Information Act. Coinbase had argued the agency was withholding records that could shed light on its regulatory approach to digital assets. The settlement ends that legal fight without a court ruling on the merits.
Market reaction
COIN stock slipped 2.68% following the announcement. The drop came as broader crypto markets were mixed, with Bitcoin hovering near $67,000. Investors appeared to weigh the settlement's implications for Coinbase's ongoing regulatory battles.
Neither Coinbase nor the SEC disclosed the terms of the settlement. The company faces other regulatory challenges, including an SEC enforcement action over its staking program. A hearing in that case is scheduled for next month.
