Last week was the most recent hearing in the Coinbase vs SEC case. In it, the SEC argues that Coinbase is operating as an unregistered seller of securities. The SEC is arguing that 12 or 13 tokens or coins listed on Coinbase are securities. But how is the case going?
My takeaway from the hearing
My biggest takeaway is that the Judge, Judge Fallia, does not seem to be buying what the SEC is selling. You can hear her repeatedly asking the SEC lawyer to explain why they are here in court. What it is that Coinbase is doing that they do not agree with. And the SEC´s lawyer appears to be in for a rough time. Because from what I heard in the hearing things are not looking good for the SEC. Of course, it could just be because of cherry-picked clips. But as the clips are about what is at stake in the case, I can't really see what more earth-moving things could be said that were not included.
I do get the impression that Judge Fallia is having some fun with the SEC lawyers in the clips. As the situation often appears quite bad on the border to laughable from the SEC stance. I do recommend giving the video a listen, as it is not much to look at. I found it to be a fair bit of entertainment. And in case you do not want me to spoil the ending you should not read on.
There is no decision on whether or not the case is dismissed. they do bring up some interesting points, or "what ifs" if you like. What would happen if the SEC won? And it would appear to open the door to collectibles or commodities. As with the SEc standard they are arguing would be an almost logical conclusion that a case pertaining to those things would pop up and more or less use an SEC win as legal president. And Judge Fallia appears to be completely aware of the ramifications and how it could be used down the line.
While we did not get a ruling on whether the case will be dismissed or not, I think the odds are in clear favor of a dismissal. And if it would go to court I am hard-pressed to see the SEC winning.
But what are your thoughts on this, do you think the SEC has a chance, or is this a clear case of their overreach? Please let me know in the comment section below.
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I personally think it's a bit of an overreach from the SEC. On what basis are they trying to define and control these assets, to protect users they may say. But I think it's more than that. I hope the case becomes dismissed :)
I as well tink it is an over reach from them. I am not sure of the reason why tho. It is fairly clear they do not want any new laws or rules to be made as they repeatedly say the once that exist are enough. Despite them clearly not being fit for crypto.
Right. It's akin to fitting the old into the new when both are entirely different things!
Exactly, or the square peg in the triangle hole ^^
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