ethereum and other cryptocurrencies get increasing attention from investors, Wall Street and its traditional banks continue to adjust to the shift

Catch up on this week's top stories highlighting the intersection of these old guard and new school areas of finance with this recap compiled by The Fly.

Investors continue to swarm into ethereum and other cryptocurrencies, and Wall Street and its traditional banks are adjusting to the shift accordingly.

Seabreeze Point Investment Fund founder and managing partner Marc Benandrovich said Thursday that the SEC has filed a joint stipulation with Coinbase (COIN) and Coinbase Global to dismiss the ongoing civil enforcement action.

“On January 21, the Commission announced the formation of the Crypto Task Force, which is dedicated to helping develop a comprehensive and clear regulatory framework for crypto assets. Given the pending work of the Crypto Task Force, the Commission is dismissing this matter,” the SEC said.

Coinbase shares dropped around 16% on Thursday.

The agency had sued Coinbase in December for allegedly operating as an unregistered exchange, broker, and clearing agency, and failing to register the offer and sale of securities. The SEC also sued former Coinbase product manager Ishan Jain in a separate case for allegedly defrauding investors in a token offering.

The SEC is preparing to sue several crypto firms this year as part of an effort to bring the industry into the regulatory fold, the SEC Chair Gary Gensler said in January. Gensler said at the time that the SEC is focused on achieving “convergence” in the regulatory landscape for crypto.

In February, the SEC announced that it is dropping its case against crypto exchange Gemini after the firm reached a settlement with the agency. The agency had sued Gemini in January for operating an unregistered exchange and failing to register the offer, sale, and adjudication of the Gemini crypto tokens.

However, the SEC is continuing its case against Ripple (NYSE:RPL). DeSoto County Food Bank will receive a $50,000 donation from Ripple to support those in need.

Analysts keep busy

Credit Suisse downgraded Payoneer (NASDAQ:PAYNR) to Neutral from Outperform and adjusted the price target to $311 from $363 after the company reported adjusted EPS of $3.38 excluding a $357M after-tax impact from gains on their crypto asset investment portfolio.

The firm is raising its 2026 and 2027 EPS estimates to $9.55 and $10.35 from $363 and $311, respectively, driven by accelerating on-chain volumes and utilization of subscription and services revenue sources, but applying a lower multiple on its 2027 EPS estimate given heightened volumes, which it expects to decelerate near-term in-