A day after going for Binance, the SEC filed a lawsuit against Coinbase on the grounds of violating the securities law. Additionally, ADA and SOL along with several other cryptocurrencies may bear the brunt of the ongoing debacle.
TL;DR: -Mostly focused on staking and a few assets. -Assets component will be thrown out by any reasonable judge -Claims a non-custodial wallet is a “broker-dealer” -Will result in fines and closing staking at most.”The CEO of Coinbase – Brian Armstrong – took to Twitter to speak about the SEC’s action. He stated that the company was “proud to represent the industry in court to finally get some clarity around crypto rules”.
Armstrong also stated that the SEC and CFTC have made conflicting statements about the classification of securities and commodities. This is the reason the US Congress is bringing in new legislation to support the technology. He further said, “Instead of publishing a clear rule book, the SEC has taken a regulation by enforcement approach that is harming America. So if we need to avail ourselves of the courts to get clarity, so be it. Btw, in case it’s not obvious, the Coinbase suit is very different from others out there – the complaint filed against us is exclusively focused on what is or is not a security. And we are confident in our facts and the law.
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