SEC v. Coinbase, Joint Stipulation to Dismiss, and Releases (with prejudice), Dkt. 178
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Case 1:23-cv-04738-KPF Document 178 Filed 02/28/25 Page 1 of 4
UNITED STATES DISTRICT COURT FOR THE
SOUTHERN DISTRICT OF NEW YORK
SECURITIES AND EXCHANGE COMMISSION,
Plaintiff,
23 Civ. 4738 (KPF)
V.
COINBASE, INC. and COINBASE GLOBAL, INC.
Defendants.
JOINT STIPULATION TO DISMISS, AND RELEASES
Plaintiff Securities and Exchange Commission (the "Commission" or the "SEC") and
Defendants Coinbase, Inc. ("Coinbase") and Coinbase Global, Inc. ("CGI") (collectively, the
"Defendants") respectfully submit this joint stipulation.
WHEREAS, the Commission filed its complaint in this civil enforcement action (the
"Litigation") on June 6, 2023.
WHEREAS, on March 27, 2024, the Court entered an order on Defendants' motion for
judgment on the pleadings, in which the Court granted the motion in part and denied the motion
in part. SEC v. Coinbase Inc., et al., 726 F. Supp. 3d 260 (S.D.N.Y. Mar. 27, 2024), motion to
certify appeal granted, No. 23 CIV. 4738 (KPF), 2025 WL 40782 (S.D.N.Y. Jan. 7, 2025).
WHEREAS, Defendants moved to certify an interlocutory appeal under 28 U.S.C.
§ 1292(b) of the Court's March 27, 2024 Order and this Court granted such motion on January 7,
2025.
WHEREAS, on January 21, 2025, the Commission's Acting Chairman Mark T. Uyeda
launched a crypto task force dedicated to helping the Commission develop the regulatory
framework for crypto assets.
Case 1:23-cv-04738-KPF Document 178 Filed 02/28/25 Page 2 of 4
WHEREAS, in light of the foregoing, and in the exercise of its discretion and as a policy
matter, the Commission believes the dismissal of this case is appropriate.
WHEREAS, the Commission's decision to seek dismissal of this Litigation does not
necessarily reflect the Commission's position on any other case.
WHEREAS, by this stipulation, the Commission and the Defendants agree to have this
Litigation dismissed, and Defendants agree to withdraw their petition for permission to file an
appeal under 28 U.S.C. $ 1292(b) (see Coinbase, Inc. v. SEC, No. 25-145 (2d Cir.)), and to the
dismissal of any such appeal.
NOW, THEREFORE,
1. Pursuant to Fed. R. Civ. P. 4l(a)(l)(A)(ii), the Commission and the Defendants
stipulate that this Litigation be dismissed with prejudice as to the conduct alleged in the
Complaint through the date of the filing of this Stipulation, and without costs or fees to either
party.
2. Defendants withdraw their request for an interlocutory appeal under 28 U.S.C. S
l 292(b) and will file with the Court of Appeals for the Second Circuit any papers necessary to
effectuate such withdrawal and the dismissal of any such appeal.
3. Defendants, for themselves and any of their agents, attorneys, employees, or
representatives, hereby waive and release:
a. Any and all rights under the Equal Access to Justice Act, the Small Business
Regulatory Enforcement Fairness Act of 1996, or any other provision oflaw to
seek from the United States, or any agency, or any official of the United States
acting in his or her official capacity, directly or indirectly, reimbursement of
attorney's fees or other fees, expenses, or costs expended by Defendant[s] that
in any way relate to (i) the Litigation, including but not limited to investigative
steps taken prior to commencing the Litigation, (ii) the petition for interlocutory
review, and (iii) the appeal of the Litigation.
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Case 1:23-cv-04738-KPF Document 178 Filed 02/28/25 Page 3 of 4
b. Any and all claims, demands, rights, and causes of action of every kind and
nature, asserted or unasserted, against the Commission and its present and
former officers or employees that arise from or in any way relate to (i) the
Litigation, including but not limited to investigative steps taken prior to
commencing the Litigation, (ii) the petition for interlocutory review, and (iii) the
appeal of the Litigation.
4. Each of the undersigned represents that they have the authority to execute this
stipulation on behalf of the party so indicated.
STIPULATED AND AGREED:
.s.as
Acting Director
wt7KM sAVITT
KEVIN S. SCHWARTZ
ANTONIA M. APPS SARAH K. EDDY
Acting Deputy Director WACHTELL, LIPTON, ROSEN & KATZ
Enforcement Division 51 WEST 52N STREET
SECURITIES AND EXCHANGE NEW YORK, NEW YORK 10019
COMMISSION
NICHOLAS C. MARGIDA STEVEN R. PEIKIN
COUNSEL FOR PLAINTIFF SULLIVAN & CROMWELL LLP
SECURITIES AND EXCHANGE 125 BROAD STREET
COMMISSION NEW YORK, NEW YORK 10004
Dated: fhra4y 27 ,2025
I COUNSEL FOR DEFENDANTS
COINBASE, INC. AND COINBASE,
GLOBAL, INC.
Dated: February 25 ,2025
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Case 1:23-cv-04738-KPF Document 178 Filed 02/28/25 Page 4 of 4
The Clerk of Court is directed to terminate all pending motions,
adjourn all remaining dates, and close this case.
Dated: February 28, 2025 SO ORDERED.
New York, New York
HON. KATHERINE POLK FAILLA
UNITED STATES DISTRICT JUDGE