SEC is back after Coinbase! 😱 But don't worry, this is just "an old song sung again" according to Paul Grewal, Coinbase's Chief Legal Officer. The SEC accused Coinbase of selling unregistered securities and providing unregistered staking services. However, Grewal said the SEC had no legal basis because crypto assets were not yet considered securities by Congress. 🤔
The case began when Coinbase filed a motion to dismiss the lawsuit on August 4, arguing the SEC violated due process and abused its authority. But, while the SEC's response was so predictable, they still stuck to the old argument that crypto assets are securities.
Grewal said, "the assets we list on our platform are not securities and do not fall under the jurisdiction of the SEC." He added that if you follow the SEC's claims, "everything from Pokemon cards to stamps and Swiftie bracelets are also securities," even though this is not the law.
Crypto law expert John E. Deaton said Coinbase's chances of winning increased to 50% after reading the SEC's response. 🚀
Let's discuss! Do you agree with the opinion of Paul Grewal and John E. Deaton? What do you think about the SEC's attitude towards the crypto industry? Come on, write your opinion in the comments column! 👇
The case began when Coinbase filed a motion to dismiss the lawsuit on August 4, arguing the SEC violated due process and abused its authority. But, while the SEC's response was so predictable, they still stuck to the old argument that crypto assets are securities.
Grewal said, "the assets we list on our platform are not securities and do not fall under the jurisdiction of the SEC." He added that if you follow the SEC's claims, "everything from Pokemon cards to stamps and Swiftie bracelets are also securities," even though this is not the law.
Crypto law expert John E. Deaton said Coinbase's chances of winning increased to 50% after reading the SEC's response. 🚀
Let's discuss! Do you agree with the opinion of Paul Grewal and John E. Deaton? What do you think about the SEC's attitude towards the crypto industry? Come on, write your opinion in the comments column! 👇