The Coinbase Lawsuit: Are They Dodging the SEC?

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Paul Grewal, the legal spearhead at Coinbase, boldly extends an invitation for discussion to all financial watchdogs out there.

In a sensational twist, Coinbase, the mammoth US cryptocurrency exchange, decided to put on the gloves this Wednesday. The crypto giant took a step forward, filing a notice of intent to brush off the charges thrown at it by the formidable Securities and Exchange Commission (SEC).

Coinbase’s Bold Denial of SEC Charges

Coinbase doesn’t shy away from admitting its non-registration status with the SEC as a broker, national securities exchange, or clearing agency. Yet, in a jaw-dropping twist of the Coinbase lawsuit, it resolutely denies that its trading assets include crypto asset securities.

Challenging the SEC’s authority over investors, Coinbase rejects the notion that either laws or the SEC require a division of functions.

The outspoken Paul Grewal, legal heavyweight at Coinbase, rallies for an open dialogue with any financial watchdog. The call for fresh legislation and rulemaking echoes loud. Yet, Coinbase holds the firm belief that the SEC lawsuit strays outside existing law and deserves dismissal.

The Crypto Regulation Conundrum

John Deaton, attorney-at-large, and legal representative of XRP holders in the US SEC Vs Ripple case, notes the strength in Coinbase’s motion. But will the court grant it? Deaton highlights that Coinbase, in the epicenter of the Coinbase lawsuit, utilised the notorious Hinman Ethereum speech.

This speech addresses the massive regulatory void and the intensifying confusion around rule-making in the crypto market. It underscores the fact that even SEC Chair, Gary Gensler, admits to the absence of any established rules for crypto assets.

Deaton asserts an intriguing point: no case in history has ever determined that a secondary sale of an investment contract is also an investment contract.

Steve Beckford

Steve Beckford

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