Here’s what happened in crypto today
Today in crypto, the US Securities and Exchange Commission (SEC) has agreed in principle to dismiss its lawsuit against Coinbase, marking a major legal win for the exchange, the Utah State Senate will soon have a second reading of a Bitcoin reserve bill, and Argentine President Javier Milei arrived in the US for a diplomatic trip as the Libra (LIBRA) memecoin scandal continues to unfold.SEC agrees to drop enforcement case against CoinbaseThe US SEC has agreed to dismiss a lawsuit against Coinbase, which had accused the cryptocurrency exchange of operating as an unregistered securities broker.According to a statement from Coinbase, the dismissal remains subject to final approval by an SEC commissioner before it is officially withdrawn. Coinbase CEO Brian Armstrong highlighted the significance of the decision, stating:“If this goes through, it’s a really big deal, not just for us, but for the whole crypto industry. The 50 million Americans who hold crypto, and I think for the rest of the world because this is an important signal about where things are going.”The SEC sued Coinbase in June 2023 amid a torrent of litigation against the crypto industry, attempting to frame many firms and projects as either unregistered securities brokers or securities in and of themselves, placing heavy regulatory and financial pressure on the industry.Utah’s Bitcoin reserve bill up for second Senate readingThe Utah Senate Revenue and Taxation Committee on Feb. 20 passed a Bitcoin reserve bill, which will now head to a second and third reading in the Senate before a final chamber vote.The bill passed through the state’s House earlier this month, meaning if it clears the Senate it would head to Utah’s Republican Governor Spencer Cox’s desk for him to sign into law.The Blockchain and Digital Innovation Amendments bill, or HB 230, would give Utah’s state treasurer the authority to invest public funds in digital assets that have averaged a market capitalization of $500 billion or more over the last calendar year.Bitcoin is the only cryptocurrency currently meeting the requirement, in effect making the bill a Bitcoin reserve bill.Utah has made the most progress on a crypto reserve bill out of the states, and Satoshi Action Fund CEO Dennis Porter has tipped Utah to be the first to make a Bitcoin reserve, pointing to its shorter legislative window calendar and “political momentum.”Argentine President Milei arrives in US amid fallout from LIBRA scandalArgentine President Javier Milei arrived in the United States on Feb. 20 for a trip of diplomacy and deal-making, and perhaps seeking a rebound from the unfolding LIBRA memecoin scandal that threatens his administration.According to Bloomberg, his itinerary includes a meeting with supporter Elon Musk and a session with Kristalina Georgieva, the chief of the International Monetary Fund. Milei will also speak at the Conservative Political Action Conference, a Trump-friendly event.The trip may serve to reshape the image and narrative surrounding Milei, both of which have taken hits following the memecoin scandal that local Argentine publications have dubbed “Cryptogate.”On Feb. 14, Milei shared the contract address for the now infamous LIBRA memecoin on his X account, claiming the token was dedicated to “encourage the growth of the Argentine economy.” The team behind the token is accused of rug-pulling it within hours, costing investors around $251 million.Milei and his team have attempted to distance themselves from the token and its creators, having the president sit down for an interview that aired on Feb. 17 in Argentina.However, Milei’s trip to the United States may be a chance to right, or at least provide reprieve, from the narrative. On Feb. 17, US President Trump made a post on Truth Social with a picture of Milei and a quote from the Argentine president: “If printing money would end poverty, printing diplomas would end stupidity.”