The CEO of Coinbase has shared an update on the company's ongoing legal fight with the U.S. Securities and Exchange Commission. The court's latest decision has been described as a "huge win" for the future of self-custodial wallets and the blockchain ecosystem.
The court ruled to proceed with most of the SEC's claims against Coinbase but, importantly, dismissed the claims aimed at Coinbase Wallet. This decision is seen as a victory for Coinbase and the crypto industry, emphasizing the importance of achieving clarity in the regulation of digital assets. The CEO expressed readiness to delve deeper into the SEC's internal perspectives on cryptocurrency regulation as the case progresses.
Obtaining clarity from early court decisions, especially against government agencies, is close to impossible, but at the same time, it would make the life of companies operating in the industry much easier. This clarity is what Coinbase aims for.
In light of this, the CEO urges Congress to push forward with legislation that supports digital asset innovation in the United States, emphasizing the need for the country to remain a hub for technological advancement.
The court's recognition that innovations like the Coinbase Wallet do not fall under U.S. securities laws has been particularly welcomed by Coinbase. This acknowledgment supports the company's position that the technology driving cryptocurrency and self-custodial wallets should not be restricted by outdated rules.
Practically, Coinbase and many other crypto-related companies want nothing but clarity from regulators and updated laws and rules. Additionally, Coinbase is trying to get official documents from the SEC that would clarify their stance on digital assets.
Tomiwabold Olajide
Godfrey Benjamin
Vladislav Sopov
Dan Burgin