The biggest crypto-enforcement action of Biden’s era may soon be resolved.
Last week, the SEC announced its new crypto taskforce “may affect and could facilitate the potential resolution” A lawsuit filed by the Agency against Coinbase, a crypto-exchange.
Coinbase won an interlocutory motion last month, which allowed the lawsuit to be escalated from 2023.
The SDNY (the Federal court that dealt with SBF’s trial and many ongoing crypto cases) has decided that an upper court is needed to answer a crucial question.
The answer is yes. This means that crypto exchanges facilitate securities transactions. That would be a serious problem.
A ruling by the Second Circuit would, on the other hand, bring more clarity into the crypto space. The fact that judges from district courts, and sometimes those even in the same district as the district where the crypto is being regulated, take different positions on the issue, has become one of the most pressing issues today.
A ruling by an appeals court would set a more solid precedent in future cases. It is important to note that the appeals procedure is lengthy and expensive. Both parties could appeal to higher court if things did not turn out their way.
A definitive crypto-policy stance by the SEC, on the other hand would be better than a legal precedent. “Better,” It is all relative. This agency may come up something that industry does not like.
Many possible outcomes. It’s best to wait until the end of this week and see what happens.
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