Coinbase vs. the SEC: A gamble to take on a regulator undefeated on crypto
Coinbase may be giving itself its best chance of fighting on its own terms before the SEC can pursue legal action against the company. The U.S. crypto giant publicly disclosed last month that theAt the center of the unusual lawsuit is aThe legal maneuver aims to force the SEC to provide a yes or no response to the petition, with the likely next step to be appealing a ‘no’ decision in court and beginning a legal fight with the SEC that Coinbase knows could come anyway.
“From a legal strategy standpoint this is about moving the ball forward,” while also getting “good optics” for the company, she said. She noted that Eugene Scalia, a former cabinet secretary and previous colleague of hers who is leading Coinbase’s case, has won cases against the SEC and other financial regulators.
Stark, who said he leans libertarian, is a critic of the SEC in other areas of its jurisdiction and has authoredop-eds critical of agency policies. But on crypto, he said he agrees with the SEC’s “regulatory onslaught” of enforcement actions, policy positions and speeches, and noted that the agency has never seen the success rate it has against crypto in any other area it polices.
“30-40% of revenue at risk” for Coinbase, according to Ryan Coyne, a research analyst at investment bank Mizuho.
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