The coinbase case against the SEC is ongoing, with a recent court hearing that did not reveal a clear winner. Coinbase's legal team handled the judge's tough questions well, though there were some missteps by both sides. The judge seemed concerned about potential SEC overreach into areas like collectibles, but also expressed some skepticism about fully dismissing the case.
Overall, most observers seem to believe Coinbase has a strong case, but a full dismissal on the pleadings remains unlikely. The judge could issue an opinion making clear the SEC faces major headwinds, which would still be a positive for Coinbase. There is also some belief a dismissal could spur regulatory action from Congress, given growing concerns about the uncertain legal landscape for crypto from agencies like the IRS.
In the end, Coinbase's lead attorney regained his footing after a shaky start, and powerfully rebutted the notion that Bitcoin lacks an ecosystem. Still, odds of a complete dismissal aren't high historically. The CEO won't be fired regardless, as he aligns with the administration's anti-crypto stance. The case continues to highlight why clear Congressional action establishing a crypto legal framework is needed.
Overall the case will likely drag on, but Coinbase appears well-positioned with a judge well-versed in crypto. A full win would significantly shift the regulatory landscape, but the SEC maintaining the ability to develop facts could also clarify market rules. How the nuances get balanced will determine crypto's legal direction.
Guest: James A. Murphy - Founder/Principal MetaLawMan ➜ https://www.metalawman.io/
Twitter ➜ https://twitter.com/MetaLawMan
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