Coinbase, one of the world’s largest cryptocurrency exchanges, is gearing up for a legal battle with the U.S. Securities and Exchange Commission (SEC). The SEC has been cracking down on cryptocurrency exchanges and has recently taken action against Coinbase for allegedly offering unregistered securities. Coinbase is now fighting back and has assembled a “Crypto Dream Team” of lawyers and experts to prove that its Proof-of-Stake (POS) crypto is not a security.
Coinbase is no stranger to legal battles. In 2018, the SEC charged the exchange with offering unregistered securities in the form of its own digital tokens. Coinbase was able to settle the charges without admitting or denying the allegations, but the SEC has since become more aggressive in its enforcement of cryptocurrency exchanges.
The SEC has argued that many cryptocurrencies, including POS coins, are securities and should be regulated as such. Coinbase disagrees and is now taking the fight to the SEC. To prove its case, Coinbase has assembled a “Crypto Dream Team” of lawyers and experts to make its case.
The team includes former SEC Commissioner Paul Atkins, former SEC Chief Economist Craig Lewis, and former SEC Chief of Staff David Becker. The team also includes prominent cryptocurrency lawyers such as Preston Byrne and Marco Santori.
Coinbase is hoping that the team’s expertise and experience will be enough to convince the SEC that its POS coins are not securities. If Coinbase is successful, it could set a precedent for other cryptocurrency exchanges and open the door for more innovation in the space.
Coinbase’s legal battle with the SEC is an important one for the cryptocurrency industry. If Coinbase is successful, it could pave the way for more innovation and investment in the space. It will be interesting to see how the case plays out and what the outcome will be.
This case is pretty much going to decide the future for lot of such crypto companies and the associated products. Hopefully Coinbase comes out successful
I’d hire Mike and Harvey to represent me if I was coinbase.
Actually Louis, he’s the financial guy
If Coinbase have Saul Goodman as a lawyer, I better massively invest in $COIN, this guy makes miracle
Well, this just got interesting. SEC is really spread thin… I wonder if they have the stamina for this — and that’s CB’s bet.
If a security doesn’t fit, you must acquit!
I see SEC like a bunch of old miserable people that want to see everyone sad while they receive money behind their back from banking institutions.
Never thought I’d utter the words Save Us Coinbase
Better call Saul the last season reboot
They got those two guys from Suits, I can’t wait for the new season.
But how will Wells Fargo make out?
By the time we know the outcome of the lawsuit its 2050
Annalise and the Keating 5 ready to make more mess!
Shit, Better call Saul
The SEC will topple themselves . No need for much effort at all lol. Look at how horribly they’re acquitting themselves against XRP.
Point of Sale people, get your head out of the gutter
Coinbase to rescue?
gensler seems power drunk filing suits and extorting money from crypto business. like the old time gangsters, the government feels crypto is moving in on their turf and is demanding crypto pay up or get out of town.
Nice thumbnail
Cryptvengers, assemble!
Fuck CoinBase. This is the same company that requests a payment to be listed on their platform. They take payments from rug pullers, put the crypto on their platform, let their users trade it (while making money from fees), then watch users get rug pulled.
I will say it again. Fuck CoinBase. Hope the SEC puts them in the fucking ground.
It’s certainly going to be interesting to watch it play out. I’m hopeful but a lot could go wrong. I know the future of PoS in the US is likely at stake here in some capacity so write your representatives and let them know what you think.
Coinbase has won every encounter before so let’s see how this one goes🚀
But most countries have already moved past this debate and they are calling it a security? I mean maybe the US does it different but I doubt it.
Chuck Rhodes would to throw his hat in the ring
If we got Saul the SEC is fucked for sure
Johnny Cochran approves
The SEC hasn’t had much luck in the courtroom when it comes to taking on crypto! Let’s hope their streak continues
are they hiring for anything about 65k a year. I mean, I can take a neat memo, fetch coffee, dry cleaning, whatever you need, and I mean whatever
They should set up a gofundme. I would be happy to contribute to them fucking the SEC.
What can we do to get behind them in this
Proof of stake or piece of shit?
This exact thread right here is when I realized that folks here don’t get it. The guys over at r/xrp or r/ripple or whatever tf it’s called have been (as well as attorneys not even related to the case) practically begging for support from the crypto space for over 2 YEARS while they fought corrupted Gary and got crickets. They’ve spent hundred of millions on lawyer fees and even have ex-SEC payroll on their legal staff fighting for the future of all tokenomics for all yall and NOW you guys are like, “you know that exchange that was insider trading and onramping all those shitcoins? Yeah they’ll save us!”
/rant
The SEC can SEC-Deez nuts..
Coinbase has stated multiple times that they work with regulators to help mold the framework and to be compliant as possible. Since they are allowing people to earn on their deposits with them and are a regulated company, they are the reason why it’s being scrutinized. Staking on a defi platform directly without going through an intermediary could win this argument, but since they are a regulated company offering the service, well they fall into scope of the regulators. It’s like a drug dealer getting mad the police come banging in their door.
Simply put: stake directly on chain without these lame ass centralized exchanges who are creating regulatory law to benefit them as their predecessor bank cousin did before.
We have all seen what happens when you depend on companies to protect the space, all ending in much failure.
So again fuck CB, fuck C.Com, fuck all the centralized exchanges. They are the enemy as well. Use DEFI, use the protocol, use your knowledge, before handing your trust to another publicly owned bullshit company. They are the very thing we are trying to bring down.
Do not trust, always verify
Does anybody else always read POS as piece of shit?
What if u told you that proof of stake is a security
The SEC can be shitty, archaic, and unfair AND POS unequivocally meet all rational criteria as securities. Sorry.
And how is PoS not a security?
POS is garbage, that is why Nakamoto uses POW.
waoh what a team of lawyers to put together coinbase!
At least that monster spread we pay is going to something useful
I never thought I’d be happy to pay a high spread, but if it means supporting a company that’s taking on the SEC to prove the legitimacy of crypto, I’m all for it
People hate on Coinbase and sure there will be some hiccups but at the end of the day Coinbase is important for crypto.