Tag: Katherine Polk FAilla

The U.S. Securities and Exchange Commission (SEC) has urged a federal court to reject Coinbase’s sweeping subpoena request, which seeks to obtain the personal communications of SEC Chair Gary Gensler. Coinbase, led by CEO Brian Armstrong, has been accused by the SEC of overreaching in its strategy to gather evidence for its defense in the ongoing legal battle with the SEC over alleged securities law violations, CoinDesk reports.

In a (sort of) pivotal development for the crypto industry, a federal judge in Manhattan has ruled that the lawsuit brought by the U.S. SEC against U.S. crypto exchange Coinbase will proceed, albeit with one of the SEC's claims being dismissed. The decision underscores the legal complexities surrounding the regulation of digital assets and marks a significant moment in the SEC's ongoing efforts to enforce securities laws within the crypto sector.

The legal showdown between the public-listed U.S. crypto exchange Coinbase, one of the global key players in the crypto industry, and the U.S. Securities and Exchange Commission (SEC) is expected to reach a significant turning point within the next three months. The SEC's lawsuit against Coinbase, which was filed in June 2023, has entered a critical phase, with Coinbase recently appealing to the court for dismissal of the case.

The ongoing lawsuit between the SEC and Coinbase has garnered significant attention due to its implications for defining security tokens and regulating crypto staking. The SEC alleges that Coinbase, by offering certain tokens and a staking-as-a-service program, has been operating as an unregistered national securities exchange, broker, and clearing agency. The Judge has been closely scrutinizing the SEC's definitions and claims, indicating the complexity and potential broad impact of the case.

U.S. Senator Cynthia Lummis, several crypto advocacy groups, and academic professionals urged a federal court to reject the U.S. Securities and Exchange Commission (SEC) lawsuit against the U.S. crypto exchange Coinbase. The parties claim that the SEC is overstepping its boundaries in their amicus filing, which serves as supportive documents to the court. The SEC had previously filed lawsuits against Coinbase and Binance, including its U.S. subsidiary Binance.US, in June.