The Increase in Coinbase Customers Joining the Dispute
Renowned cryptocurrency attorney, John E Deaton, has announced a significant rise in the number of Coinbase customers who want to have their voices heard in the ongoing dispute with the SEC. A total of 2,331 crypto holders have expressed their interest in participating as amici curiae in the proceedings. Deaton clarified that their involvement is not about defending Coinbase, but about asserting their rights and ensuring their interests are properly represented.
SEC’s Rebuttal
The SEC is set to reveal its counterarguments to Coinbase’s legal defense earlier than expected. A court order confirmed that the SEC’s response would be delivered on July 13. This swift progression was triggered by an inventive move by Coinbase, who submitted their initial response 40 days before the August 7 deadline. The SEC requested and was granted a three-day extension due to the July 4 holiday weekend.
Coinbase’s Strong Defense
Coinbase firmly asserts that the SEC lacks jurisdiction over many of the tokens in question. In their written response, Coinbase highlights that the SEC’s action violated due process and constituted an abuse of discretion. Coinbase argues that the tokens in question fall outside the SEC’s regulatory remit. The upcoming hearing on July 13 will determine whether Coinbase can proceed with this line of defense.
BlackRock’s Selection of Coinbase
BlackRock, the world’s largest asset manager, has chosen Coinbase as the exchange for its Surveillance Sharing Agreement (SSA) as part of its spot Bitcoin ETF filing.
Hot Take:
This dispute between Coinbase and the SEC highlights the growing number of crypto holders who want their voices heard and their rights protected. It also demonstrates Coinbase’s strong defense against the SEC’s claims of jurisdiction. BlackRock’s selection of Coinbase further solidifies its position in the crypto market. Overall, this development showcases the ongoing legal battles and the importance of regulatory clarity in the cryptocurrency industry.
By
By
By
By
By
By