In a highly anticipated court hearing on January 17, the ongoing legal battle between the US Securities and Exchange Commission (SEC) and Coinbase, the US-based cryptocurrency exchange, took a dramatic turn.
Coinbase argued that the tokens traded on its platform should not be considered securities, which could positively impact the entire crypto community if the case turns out to be a win for the exchange.
Judge Shows Favorable Leanings Towards Coinbase
As reported by Bitcoinist, the SEC filed a lawsuit against Coinbase in June, alleging that the exchange facilitated trading of several crypto tokens that should have been registered as securities.
The SEC accused Coinbase of operating illegally as a national securities exchange, broker, and clearing agency without registering with the regulatory body. The SEC specifically targeted Coinbase’s “staking” program, which allows users to pool assets to verify activity on blockchain networks and receive rewards.
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