Unchained SEC Sues Binance, Coinbase: ‘This Is Not the End of Crypto in the United States’- Ep. 504
Jun 9, 2023
Emily Meyers, the General Counsel at Electric Capital, breaks down the SEC's recent lawsuits against Binance and Coinbase with her legal expertise. She discusses how these actions don't signal the end of crypto in the U.S. and highlights key differences between the two cases. The conversation delves into the SEC's questionable strategy, ethical concerns surrounding Gary Gensler, and regulatory challenges stemming from Coinbase's IPO. Meyers emphasizes the need for clearer guidelines as the industry evolves amidst ongoing legal battles.
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Crypto's Future in the U.S.
- The SEC lawsuits against Binance and Coinbase don't spell the end for crypto in the U.S.
- These cases will take time, highlighting the importance of legislative engagement.
SEC Lawsuit Allegations
- The SEC alleges Binance and Coinbase operated unregistered securities exchanges, offering unregistered securities via staking.
- Key differences exist: Coinbase faces simpler charges, while Binance also faces fraud and manipulation allegations.
Token Security Status
- The SEC’s lawsuits hinge on the court's determination of at least one named token as a security.
- The SEC has not directly pursued most token issuers it deems to have unregistered securities.