Why the SECs Case Against Coinbase Is So Significant for Crypto - Ep. 597
On Wednesday, a federal court in New York heard oral arguments in Coinbase\u2019s motion to dismiss the SEC\u2019s 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.\xa0\nSam 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.\xa0\xa0\nShow highlights:\n\nWhy SEC v Coinbase holds important implications for the U.S. crypto ecosystem\n\nWhat the SEC alleges against Coinbase, focusing on its trading platform, wallet, and staking services\n\nHow Coinbase forcefully counters the SEC's claims as it strives to get the case dismissed\n\nWhat the \u201cmajor questions doctrine\u201d entails and its critical role in this dispute\n\nWhy Sam perceives the judge as \u201cextremely skeptical\u201d of the SEC's stance\n\nWhether inconsistencies surfaced in the SEC lawyers' arguments\n\nWhat \u201cstrict liability\u201d means and its frequent mention in this legal battle\n\nWhat takeaways from the Ripple and Terraform Labs cases offer about secondary market sales\n\nWhy Sam believes Judge Katherine Polk Failla is exceptionally well-suited for this case\n\nWhether Judge Failla might reject the motion to dismiss, and when\xa0\n\nThank you to our sponsors!\n\nPopcorn Network\n\niTrustCapital\n\nGuest\n\n\nSam Enzer, partner at Cahill Gordon & Reindel\n\nPrevious appearances on Unchained:\xa0\n\nWhy SBF's Testimony So Far Has Likely Already Doomed Him\n\nAnother Bad Week for Sam Bankman-Fried in His Criminal Trial\n\nWhy These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify\n\nSBF Trial: How Sam Bankman-Fried\u2019s Lawyers Might Try and Win His Case\n\nSBF\u2019s Lawyers Could Be Annoying the Judge How Might That Impact the Trial?\n\nLinks\n\nPrevious coverage of Unchained on the Coinbase case and the topic of securities:\n\nSEC Sues Binance, Coinbase: \u2018This Is Not the End of Crypto in the United States\u2019\xa0\n\nThese 2 Crypto Trading Platforms Agree With SEC Chair Gary Gensler\n\nCoinbase\u2019s Legal Action Against the SEC: How It Will Likely Unfold\xa0\n\n\u2018Is ETH a Security?\u2019 Why Gary Gensler Couldn\u2019t Give Congress a Straight Answer\n\nGary Gensler vs. Crypto: What Will the SEC Attack Next?\n\nRep. Emmer on Why He Believes Gary Gensler Is a \u2018Bad-Faith Regulator\u2019\n\nCoinbase vs. SEC\n\nUnchained:\xa0\n\nFederal Judge Presses SEC Over Jurisdiction in Case Against Coinbase\n\nSEC Sues Coinbase for Breaking Securities Laws\n\nSEC Files Motion to Freeze Binance\u2019s Assets, Asks for \u2018Sworn Accounting\u2019\n\nSEC Files 13 Charges Against Binance Including the Mishandling of Funds, Sale of Unregistered Securities\n\nSEC Calls Solana, Polygon, Algorand and Other Tokens Securities but Misses Ether in Binance Lawsuit\n\nCointelegraph: Senator Lummis files amicus brief supporting Coinbase\u2019s dismissal motion against SEC.\n\nOther cases\nKraken\nCNBC: Crypto exchange Kraken settles with SEC for $30 million, will close US staking operation\n\nXRP\nUnchained: SEC vs Ripple: Judge Rules XRP Sold on Exchanges Is Not a Security\n\nTerraform Labs\nReuters: Judge sides with US SEC, says Terraform Labs crypto founder Do Kwon violated law\n\n\nLearn more about your ad choices. Visit megaphone.fm/adchoices