{"id":361,"date":"2024-04-09T15:50:01","date_gmt":"2024-04-09T19:50:01","guid":{"rendered":"https:\/\/blogs.duanemorris.com\/whitecollarcriminallaw\/?p=361"},"modified":"2024-04-09T17:10:15","modified_gmt":"2024-04-09T21:10:15","slug":"coinbases-defense-falters-latest-developments-in-sec-legal-battle","status":"publish","type":"post","link":"https:\/\/blogs.duanemorris.com\/whitecollarcriminallaw\/2024\/04\/09\/coinbases-defense-falters-latest-developments-in-sec-legal-battle\/","title":{"rendered":"Coinbase&#8217;s Defense Falters: Latest Developments in SEC Legal Battle"},"content":{"rendered":"<p>A New York federal court has held that the SEC sufficiently pleaded that Coinbase\u2014a well-known cryptocurrency exchange, broker, and clearing agency\u2014operated as an unregistered intermediary of securities and engaged in the unregistered offer and sale of securities through its crypto staking program.\u00a0 In a partial win for Coinbase (and possibly others offering wallet services), the court dismissed the SEC\u2019s claim that Coinbase acted as an unregistered broker by offering a crypto wallet application to its customers.\u00a0 The case is\u00a0<em>Sec. and Exch. Comm\u2019n v. Coinbase, Inc.<\/em>, 23 Civ. 4738 (S.D.N.Y. Mar. 27, 2024).<\/p>\n<p>This decision has important ramifications for all players in the crypto market, as it clears the way for the SEC to continue to act as the primary regulator of crypto in the absence of further regulatory direction from Congress and allows the SEC to continue aggressive enforcement in the crypto space.<\/p>\n<p>To read the full text of this post by Duane Morris&#8217; <a href=\"https:\/\/www.duanemorris.com\/attorneys\/mauromwolfe.html\">Mauro Wolfe<\/a> ,\u00a0<a href=\"https:\/\/www.duanemorris.com\/attorneys\/vincentjnolan.html\">Vincent Nolan<\/a>\u00a0and <a href=\"https:\/\/www.duanemorris.com\/attorneys\/aleksandersmolij.html\">Alek Smolij<\/a>, please <a href=\"https:\/\/blogs.duanemorris.com\/fintech\/2024\/04\/09\/coinbase-effort-to-dismiss-sec-suit-falls-short\/\">visit the Duane Morris Fintech Blog.\u00a0<\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A New York federal court has held that the SEC sufficiently pleaded that Coinbase\u2014a well-known cryptocurrency exchange, broker, and clearing agency\u2014operated as an unregistered intermediary of securities and engaged in the unregistered offer and sale of securities through its crypto staking program.\u00a0 In a partial win for Coinbase (and possibly others offering wallet services), the &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/blogs.duanemorris.com\/whitecollarcriminallaw\/2024\/04\/09\/coinbases-defense-falters-latest-developments-in-sec-legal-battle\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Coinbase&#8217;s Defense Falters: Latest Developments in SEC Legal Battle&#8221;<\/span><\/a><\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"ppma_author":[241],"class_list":["post-361","post","type-post","status-publish","format-standard","hentry","category-general"],"authors":[{"term_id":241,"user_id":6,"is_guest":0,"slug":"duanemorris3","display_name":"Duane Morris","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/843ff6e7a8fe5fc92109b47a45f34b6cf0ea499e6e788db23456c838b0ae6747?s=96&d=blank&r=g","0":null,"1":"","2":"","3":"","4":"","5":"","6":"","7":"","8":"","9":"","10":""}],"_links":{"self":[{"href":"https:\/\/blogs.duanemorris.com\/whitecollarcriminallaw\/wp-json\/wp\/v2\/posts\/361","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.duanemorris.com\/whitecollarcriminallaw\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.duanemorris.com\/whitecollarcriminallaw\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/whitecollarcriminallaw\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/whitecollarcriminallaw\/wp-json\/wp\/v2\/comments?post=361"}],"version-history":[{"count":0,"href":"https:\/\/blogs.duanemorris.com\/whitecollarcriminallaw\/wp-json\/wp\/v2\/posts\/361\/revisions"}],"wp:attachment":[{"href":"https:\/\/blogs.duanemorris.com\/whitecollarcriminallaw\/wp-json\/wp\/v2\/media?parent=361"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/whitecollarcriminallaw\/wp-json\/wp\/v2\/categories?post=361"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/whitecollarcriminallaw\/wp-json\/wp\/v2\/tags?post=361"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/whitecollarcriminallaw\/wp-json\/wp\/v2\/ppma_author?post=361"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}