Crypto Stocks, Bitcoin Surge as SEC Moves to Drop Coinbase Case

Coinbase (COIN) shares surged 5% in premarket trading Friday following reports that the U.S. Securities and Exchange Commission (SEC) is preparing to drop its lawsuit against the exchange.

Robinhood (HOOD), which has benefited from a resurgence in crypto trading, climbed 4%, while bitcoin (BTC) rallied toward the $100,000 mark, reflecting renewed investor optimism. The CoinDesk 20 Index, a broad measure of the crypto market, gained 1.7% over the past 24 hours.

Tokens previously classified as securities by the SEC, such as Solana (SOL) and Cardano (ADA), also saw notable price increases, CoinGecko data shows.

The potential dismissal of the case signals a major shift in regulatory sentiment, potentially ushering in a new phase of institutional and retail adoption in the U.S. crypto market.