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Unchained

Why the SEC’s Case Against Coinbase Is So Significant for Crypto - Ep. 597

Jan 19, 2024
Sam Enzer, a partner at Cahill Gordon & Reindel, provides insights into the pivotal SEC case against Coinbase, where the government questions its operations as an unregulated securities exchange. He discusses the judge's skepticism towards the SEC's arguments and the significance of defining what constitutes a security. Enzer also highlights the possible implications for the crypto industry, referencing past cases like Ripple and Terraform Labs. The conversation reveals the intricate legal landscape shaping the future of cryptocurrency regulation.
55:38

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Podcast summary created with Snipd AI

Quick takeaways

  • The SEC's case against Coinbase has significant implications for the US crypto industry, potentially challenging the SEC's enforcement regime.
  • The judge in the case expressed skepticism towards the SEC's arguments, questioning their position and potentially putting pressure on their theories and enforcement regime.

Deep dives

SEC Case Against Coinbase

The SEC's case against Coinbase alleging that it is operating an unregistered securities exchange and broker is significant for the crypto industry in the US. The SEC's enforcement campaign against crypto is based on the assumption that digital assets can be regulated as securities. If Coinbase can demonstrate that there was no investment contract involved in their trading and staking services, it could have implications for the SEC's entire enforcement regime.

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