The US Securities and Exchange Commission (SEC) is poised to drop its lineup of enforcement cases against Coinbase, a significant win for the industry. A change in direction toward digital assets was signaled by the move, which is still subject to voting by the Commission.

The SEC reportedly reached an understanding in principle to drop its case against the cryptocurrency exchange without a fine or any changes to how it runs. That development was confirmed by Coinbase CEO Brian Armstrong, who said a judgment may come as early as next week.

Cardano”s Charles Hoskinson Reacts: “The Healing Has Begun”

Coinbase had been accused in the lawsuit, originally filed in June, of dealing in unregistered securities. Specifically, the SEC mentioned twelve tokens, including Cardano (ADA), Solana (SOL), Polygon (MATIC), among others, as examples of tokens controlled by their respective development teams, therefore under the control of these 13 tokens being securities under US law.

There were swift reactions throughout the crypto space. The healing has begun, declared by Cardano visionary Charles Hoskinson when the development occurred. His statement reverberated because it came at time when the industry has been in regulatory uncertainty for some months.

Market movements lifted as the legal cloud hovering over Coinbase lifted. Coinbase”s stock (COIN) had risen by 4.52%, Cardano”s native token, ADA had increased by 2% when it was announced, reaching a price of $0.81 within an hour.

But the SEC”s case against Coinbase had called into question broader regulatory oversight in this sector of business. The lawsuit was considered a litmus test for the US regulators move in treating digital assets. Once it seems the case is falling apart, some wonder if this may be the precedent for regulatory action with blockchain projects in the future.

The industry reacts with rejoicing as its eyes remain firmly fixed on the SEC’s final decision. So if approved, it would take a momentous step towards clearing the air around how digital asset exchanges can operate under US law, setting the stage for a better regulated environment.