{"id":12903,"date":"2025-02-13T14:11:48","date_gmt":"2025-02-13T14:11:48","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=12903"},"modified":"2025-02-13T14:11:48","modified_gmt":"2025-02-13T14:11:48","slug":"sec-vs-coinbase-us-regulators-next-move-to-reveal-a-lot-about-new-crypto-approach","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=12903","title":{"rendered":"SEC Vs Coinbase: US Regulator\u2019s Next Move To \u2018Reveal A Lot\u2019 About New Crypto Approach"},"content":{"rendered":"
\n

After the news of the Securities and Exchange Commission (SEC) and Binance\u2019s request to halt their legal battle, some believe other crypto litigations will be next. However, Coinbase\u2019s \u201cunique\u201d situation could shed some light on the regulatory agency\u2019s new crypto approach.<\/p>\n

Coinbase To Follow SEC Vs Binance\u2019s Steps?<\/h2>\n

Following the news of the SEC and Binance\u2019s joint motion to stay the US regulator\u2019s lawsuit against the global crypto exchange, the industry has speculated that other crypto litigations, including Coinbase, will follow suit.<\/p>\n

As reported<\/a> by Bitcoinist, the regulatory agency and Binance recently requested a 60-day pause on their legal battle, arguing that the Commission\u2019s new changes could impact the case. The joint motion states that the SEC\u2019s newly created Crypto Task Force, led by Commissioner Hester Peirce, could \u201cimpact and facilitate the potential resolution of this case.\u201d<\/p>\n

According to FOX Business journalist Elizabeth Terret, the joint motion is the first request to pause crypto litigation in the court since Mark Uyeda became acting chair of the SEC on January 10, and it could lead to other non-fraud cases, such as Ripple, Coinbase, and Kraken to do the same.<\/p>\n

Nonetheless, Terret has stated<\/a> that, compared to the other crypto firms, Coinbase is in a \u201cunique situation,\u201d as the crypto exchange\u2019s legal battle was halted last month. The journalist noted that the exchange awaits the SEC\u2019s response to its appeal regarding crypto trade classification.<\/p>\n

\"Coinbase\"<\/p>\n

The US watchdog sued the crypto exchange in 2023, alleging that Coinbase operated as an unregistered broker-dealer and illegally sold unregistered securities through its staking program.<\/p>\n

On January 7, New York Federal Judge Katherine Failla granted a \u201crare\u201d interlocutory appeal, based on the \u201cconflicting decision\u201d from previous crypto cases and the need for clarity on how the Howey Test is applied to crypto assets.<\/p>\n

The interlocutory appeal allows Coinbase to contest the SEC\u2019s claims at the Second Circuit Court of Appeals. On January 21, 2025, the exchange filed<\/a> a petition for permission to appeal.<\/p>\n

In the petition, Coinbase asked the US appeals court to rule out that crypto trades are not securities, arguing that millions of users, companies, and regulators \u201cbadly need clarity on what federal securities laws require.\u201d<\/p>\n

The exchange stated there was no more pressing issue in securities law than \u201cthe scope of the SEC\u2019s authority to regulate secondary trades of digital assets\u201d and that the crypto case was \u201can idea vehicle\u201d to address this issue and provide clarity.<\/p>\n

Crypto Industry Awaits Valentine\u2019s Day Deadline<\/h2>\n

The SEC\u2019s deadline to respond to Coinbase\u2019s request to file the appeal ends this Friday, February 14. The agency\u2019s response could shed some light on how the US agency will approach crypto litigations<\/a> under the new acting chair and new regulatory approach.<\/p>\n

According to Terret, the SEC could oppose the request for an appeal, which would suggest that the SEC still plans to argue that securities laws apply to most crypto tokens as former chairman Gary Gensler did. The journalist noted that Uyeda and Peirce stated that the law in this area hasn\u2019t been clear.<\/p>\n

The regulatory agency could not oppose the request for appeal, signaling that the SEC \u201cwants to resolve the issue of how securities laws apply to crypto.\u201d According to Commissioner Peirce, this issue is being addressed<\/a> by the Crypto Task Force.<\/p>\n

Lastly, the SEC could either ask for an extension of the deadline or decide not to proceed and drop the case. Terret concluded that the Commission\u2019s response to Coinbase \u201cwill reveal a lot in terms of how the agency plans to handle ongoing litigation of cases disputing securities law.\u201d<\/p>\n

\"Coinbase,<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

After the news of the Securities and Exchange Commission (SEC) and Binance\u2019s request to halt their legal battle, some believe other crypto litigations will be next. However, Coinbase\u2019s \u201cunique\u201d situation could shed some light on the regulatory agency\u2019s new crypto approach. Coinbase To Follow SEC Vs Binance\u2019s Steps? Following the news of the SEC and […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-12903","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/12903","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12903"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/12903\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12903"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12903"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12903"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}