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https://unchainedcrypto.com/podcast/why-the-secs-case-against-coinbase-is-so-significant-for-crypto/
On Wednesday, a federal court in New York heard oral arguments in Coinbase’s motion to dismiss the SEC’s case against it for, among other things, allegedly acting as an unregulated securities exchange. Notably, Judge Katherine Polk Failla pressed the SEC to explain how it has jurisdiction over Coinbase in the case by defining what it considers a security.
Sam Enzer, a partner at Cahill Gorden & Reindel who represents Coinbase but not in this matter, joined Unchained to discuss why this case is so significant for the crypto industry, how he believes the government contradicted itself on the crucial definition of what constitutes a security, why he thinks the judge will not dismiss the case at this early stage, how the Ripple and Terraform Labs cases could be used by each side, and why he thinks Judge Failla is such a perfect choice to rule in this case.
Show highlights:
Why SEC v Coinbase holds important implications for the U.S. crypto ecosystem
What the SEC alleges against Coinbase, focusing on its trading platform, wallet, and staking services
How Coinbase forcefully counters the SEC’s claims as it strives to get the case dismissed
What the “major questions doctrine” entails and its critical role in this dispute
Why Sam perceives the judge as “extremely skeptical” of the SEC’s stance
Whether inconsistencies surfaced in the SEC lawyers’ arguments
What “strict liability” means and its frequent mention in this legal battle
What takeaways from the Ripple and Terraform Labs cases offer about secondary market sales
Why Sam believes Judge Katherine Polk Failla is exceptionally well-suited for this case
Whether Judge Failla might reject the motion to dismiss, and when
Thank you to our sponsors!
️ Popcorn Network
️ iTrustCapital
Guest
️Sam Enzer, partner at Cahill Gordon & Reindel
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Time Stamps:
00:00 Introduction
01:11 Why this case is important
05:16 SEC’s argument
08:00 Coinbase’s arguments
17:43 Judge’s reaction to the arguments
26:19 Insights from Ripple and Terraform Labs cases
36:41 Legitimacy of staking services
38:09 The possible outcomes of the hearing
41:10 Weekly recap
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#bitcoin #ethereum #crypto #cryptocurrencies
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