EddieJayonCrypto
21 Jan 24
The legal battle between the SEC and Coinbase has gained widespread attention within the cryptocurrency industry. The lawsuit revolves around the SEC's allegations that Coinbase facilitated the trading of crypto tokens that should have been registered as securities. The recent hearing conducted by J...
The legal battle between the SEC and Coinbase has gained widespread attention within the cryptocurrency industry. The recent hearing conducted by Judge Failla in Manhattan lasted over four hours and focused on the classification of digital assets as securities. Notable arguments and counterarguments were presented by both the SEC and Coinbase, and Bloomberg Intelligence's Senior Litigation Analyst, Elliot Z. Stein, has projected a high likelihood of Coinbase prevailing against the SEC lawsuit.
This in-depth report combines insights from Bloomberg Intelligence Senior Litigation Analyst Elliot Z. Stein with details from a Reuters report to provide a comprehensive overview of the case. The lawsuit revolves around the SEC's allegations that Coinbase facilitated the trading of crypto tokens that should have been registered as securities. The SEC’s lawsuit alleges that Coinbase facilitated trading of at least 13 crypto tokens, including Solana, Cardano, and Polygon, which should have been registered as securities, according to the SEC. Coinbase argues that crypto assets traded on its platform do not satisfy the elements of the Howey test, which defines what constitutes an investment contract (and therefore securities).
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