Coinspeaker
SEC vs Coinbase: Judge Failla Challenges SEC Arguments
The legal battle between the Securities and Exchange Commission (SEC) and Coinbase Global Inc (NASDAQ: COIN) reached a pivotal moment as New York District Judge Katherine Polk Failla questioned the SEC’s arguments and brought Senator Cynthia Lummis’ brief on 90 years of securities laws into sharp focus.
SEC’s Lawsuit against Coinbase
The SEC initiated legal proceedings against Coinbase in June, alleging that the platform operated as an unregistered exchange, broker, and clearing agency. Coinbase vehemently contested these claims, urging the court to dismiss the case and accusing the SEC of employing a “regulation by enforcement approach.”
During the court proceedings on Wednesday, January 17, Failla directed questions at the SEC regarding the definition of securities, the status of various tokens, and the applicability of the major questions doctrine.
In a notable revelation, Failla disclosed that she had rece
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