COIN Up 5%, HOOD Rises 4%, BTC Tests $100K as SEC Prepares to Abandon Case Against Coinbase

SEC Dropping Coinbase Lawsuit Sparks Crypto Market Rally

Coinbase (COIN) shares jumped 5% in early trading Friday amid reports that the U.S. Securities and Exchange Commission (SEC) is preparing to withdraw its lawsuit against the exchange.

Robinhood (HOOD), which has seen a surge in crypto-related revenue, gained 4% on the news, while the broader digital asset market turned bullish. Bitcoin (BTC) climbed toward the $100,000 milestone, marking its highest level since early February. The CoinDesk 20 Index, a key crypto market gauge, rose 1.7% in the past 24 hours.

Tokens previously labeled as securities by the SEC, including Solana (SOL) and Cardano (ADA), also saw gains as regulatory uncertainty eased, according to CoinGecko data.

If finalized, the SEC’s withdrawal could mark a significant shift in U.S. crypto oversight, paving the way for increased institutional adoption and renewed market confidence.