The Breakdown Judge Agrees with Coinbase in Public Hearing
Sep 25, 2024
Judges are taking a hard look at the SEC's regulatory tactics amid hearings involving Coinbase. There's rising skepticism about the SEC's approach to crypto regulations. The political landscape is shifting with bipartisan calls for clearer guidelines and accountability in the crypto space. Additionally, a critique of the SEC's ambiguous rules and heavy reliance on enforcement is highlighted, alongside intriguing findings from a Paradigm report that could reshape future regulations.
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Coinbase's Argument Against the SEC
- Coinbase argued the SEC acted unfairly by not providing clear registration guidelines.
- Judges questioned the SEC's approach of enforcing regulations before clarifying the rules.
SEC's Confusing Stance
- One judge remarked that the SEC's actions seemed intended to stifle the crypto industry.
- SEC lawyers argued that compliance with securities law isn't mandatory, which baffled legal experts.
Impact of the Hearing
- Despite the judges' apparent disagreement with the SEC's approach, legality remains the central question.
- Publicly challenging the SEC's strategy could weaken their position, even if Coinbase loses the case.