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US SEC, Coinbase clash in court over crypto rulemaking

Economic Times

Economic Times · 9m ago

US SEC, Coinbase clash in court over crypto rulemaking

Coinbase and the U.S. Securities and Exchange Commission (SEC) faced off in court as the cryptocurrency exchange seeks to compel the agency to create new rules for digital assets. Coinbase filed a petition in 2022 requesting the SEC to clarify when a digital asset is considered a security and to create a new market structure compatible with cryptocurrencies. The SEC denied the petition in 2023, stating current regulations are sufficient for the crypto sector. Coinbase is now appealing the denial, arguing that the SEC's stance makes it impossible for the company to operate and comply with regulations. This dispute reflects the ongoing tension between the crypto industry and regulatory authorities.

Related News

US SEC denies Coinbase petition for crypto rulemaking

Economic Times

Economic Times · 1y ago

US SEC denies Coinbase petition for crypto rulemaking

The US Securities and Exchange Commission (SEC) has rejected Coinbase's petition to create new rules for the cryptocurrency industry. Coinbase had sought to establish specific regulations for the sector, arguing that existing securities laws were insufficient. However, SEC Chair Gary Gensler disagreed and stated that current laws apply to the crypto securities markets. In response, Coinbase has sued the SEC, seeking a court order to prompt a response to its petition.

Big battles loom in SEC’s war on crypto

Livemint

Livemint · 1y ago

Big battles loom in SEC’s war on crypto

The Securities and Exchange Commission (SEC) is engaged in several major court battles that will shape the regulation of cryptocurrencies. Coinbase, the largest US crypto exchange, is set to ask for the dismissal of the SEC's lawsuit in January 2024. Other key players in the industry, such as Binance and Kraken, are also facing legal challenges. SEC Chair Gary Gensler contends that most crypto products are securities and fall under the agency's regulation. The outcome of these cases is expected to have a significant impact on the future regulation of cryptocurrencies.

Coinbase, SEC set to face off in federal court over regulator's crypto authority

Economic Times

Economic Times · 1y ago

Coinbase, SEC set to face off in federal court over regulator's crypto authority

Coinbase and the US Securities and Exchange Commission (SEC) are headed to federal court to determine the regulator's authority over cryptocurrencies. The case revolves around Coinbase's planned launch of a new lending product, which the SEC claims is a security and therefore falls under its jurisdiction. Coinbase argues that the product is not a security and that the SEC is overstepping its boundaries. The outcome of this case could have significant implications for the regulation of cryptocurrencies in the United States.

The SEC’s crypto lawsuit against Coinbase can continue

The Verge

The Verge · 1y ago

The SEC’s crypto lawsuit against Coinbase can continue

US District Judge Katherine Polk Failla has ruled that the Securities and Exchange Commission (SEC) can continue its securities lawsuit against Coinbase. The judge stated that the SEC sufficiently argued that Coinbase operates as an exchange, broker, and clearing agency under federal securities laws. The judge rejected claims from the crypto community that existing laws are inadequate, emphasizing that the challenged transactions fall within the framework used to identify securities for years. However, she dismissed the SEC's claims against Coinbase's Wallet, stating that the SEC failed to demonstrate that Coinbase acts as a broker through its Wallet.

SEC Crypto Unit Leader Resigns After Spearheading Coinbase Lawsuit - StartupNews.fyi

Startup News FYI

Startup News FYI · 1y ago

SEC Crypto Unit Leader Resigns After Spearheading Coinbase Lawsuit - StartupNews.fyi

Ladan Stewart, a prominent anti-crypto lawyer at the U.S. Securities and Exchange Commission (SEC), has resigned to join international law firm White & Case. She will help build the firm's crypto and cyber defense practice. Stewart previously accused Coinbase of illegally listing securities without registering as a securities exchange. Legal experts have expressed optimism that Coinbase could have the case dismissed, following Stewart's withdrawal as counsel for the SEC. Stewart's move to White & Case signifies the growing importance of legal expertise in navigating the regulatory landscape of the crypto industry.

Coinbase says SEC has agreed to dismiss case against it, pending commission approval

Economic Times

Economic Times · 4m ago

Coinbase says SEC has agreed to dismiss case against it, pending commission approval

Coinbase announced that the Securities and Exchange Commission (SEC) has agreed to dismiss its case against the platform, contingent on commission approval. This follows a lawsuit accusing Coinbase of operating as an unregistered securities platform. The announcement led to a 3% rise in Coinbase shares. Although the SEC has not confirmed this, the development aligns with a more lenient approach on cryptocurrency by the current administration. The crypto industry aims to strengthen its political influence.

Coinbase must face US securities regulator's lawsuit, says judge

Economic Times

Economic Times · 1y ago

Coinbase must face US securities regulator's lawsuit, says judge

A federal judge in Manhattan has ruled that the US Securities and Exchange Commission's (SEC) lawsuit against Coinbase, the largest cryptocurrency exchange in the US, can proceed. While the judge dismissed one claim made by the SEC, the decision largely supports the regulator's approach to cryptocurrency. This is seen as a partial win for Coinbase, but the company will still face a lengthy legal battle. The SEC alleges that Coinbase is violating its rules, claiming that the exchange is operating illegally as a national securities exchange without proper registration. Coinbase plans to continue fighting the SEC's claims.

Binance Is Like a Grocery Store Selling Oranges and SEC Should Leave It Alone, Says Crypto Lobby Group

Startup News FYI

Startup News FYI · 1y ago

Binance Is Like a Grocery Store Selling Oranges and SEC Should Leave It Alone, Says Crypto Lobby Group

The US Chamber of Digital Commerce is supporting Binance in its legal battle against the US Securities and Exchange Commission (SEC). The Chamber filed an amicus brief arguing that the SEC's lawsuit against Binance is misguided and the regulator is stifling innovation and driving crypto startups out of the US. The group claims that tokens are not securities and the platforms where they are traded are not securities exchanges. The SEC has been cracking down on various digital asset companies, including Binance, Coinbase, and Kraken, for alleged securities violations.

Coinbase's second-quarter revenue surges on crypto trading revival

Economic Times

Economic Times · 11m ago

Coinbase's second-quarter revenue surges on crypto trading revival

Crypto exchange Coinbase reported a surge in revenue in the second quarter thanks to increased trading volumes and market enthusiasm over regulatory advancements. The approval of a bitcoin exchange-traded fund by the US SEC and entry of traditional financial players into the crypto industry has boosted the market. Coinbase's total transaction revenue reached $780.9 million in Q2, compared to $327.1 million the previous year. The exchange also saw growth in its subscription and services unit, driven by stablecoin revenue and custodial fee revenue. The company's net revenue for the quarter was $1.38 billion.

SEC investigating whether Coinbase misstated its user numbers

Economic Times

Economic Times · 2m ago

SEC investigating whether Coinbase misstated its user numbers

The SEC is investigating whether Coinbase misstated its user numbers, focusing on a metric cited in Coinbase's 2021 IPO, which claimed over 100 million verified users. This inquiry, initiated during the Biden administration, is a holdover from a previous SEC lawsuit, which was dropped. Coinbase has ceased citing this metric and has engaged law firm Davis Polk & Wardwell to assist. While Coinbase hopes to resolve the matter, the SEC continues its investigation.

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