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Coinbase and SEC Case: A Matter of Everything!!! The outcome of the ongoing case between the SEC and Coinbase will determine the fate of a number of cryptocurrencies in the United States.
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The case will take place on January 17, when Judge Katherine Polk Failla will decide whether to dismiss the case or allow it to proceed.
The case, which was filed against Coinbase in June 2023, includes 13 coins. It is therefore one of the biggest court battles in the crypto space to date. During the hearing, Judge Failla displayed a deep understanding of the crypto industry. She constantly pressed the SEC side to justify why and when tokens should be considered securities.
Coinbase’s attorney said:
We oppose the allegations that networks and crypto communities are labeled as “joint ventures” and that crypto tokens are compared to stocks. We argue that secondary market token purchases are devoid of the rights that come with stocks in similar transactions.
The judge is known for dismissing such crypto-related cases. She also requested the dismissal of a case against Uniswap in 2013, alleging that it sold “fraudulent tokens.”
You can access the Coinbase website by clicking here.
The importance of cases between Coinbase and SEC
The outcome of the Coinbase and SEC case is very important for cryptocurrencies. The judge is well aware of this and is acting accordingly. Her concerns show that the case, regardless of the decision, is in the hands of someone who is knowledgeable about the implications of the case for business, regulation, and millions of people inside and outside the United States.