Coinbase’s Chief Legal Officer Paul Grewal confirmed the exchange’s readiness for the ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) after a court ruling allowed the case to proceed.
Grewal, in a post on social media platform
Following these developments, Coinbase shares fell more than 3% to $260, according to Yahoo Finance data.
Grewal emphasized Coinbase’s preparedness for the legal process, citing the court’s decision to dismiss the lawsuit against Coinbase Wallet while allowing most of the SEC’s lawsuit to proceed. He relayed the firm’s desire to gain additional insight into the SEC’s internal perspective and conversation regarding cryptocurrency regulation.
Last year, the SEC filed a lawsuit against Coinbase, accusing it of violating federal securities laws in connection with its trading of at least 13 cryptocurrency security tokens.
Despite the ruling, some within the cryptocurrency community downplayed its significance, with one member describing it as a “nothing bugger.” Fox Business journalist Eleanor Terret echoes this sentiment, saying the SEC has a low bar for a favorable ruling and that Coinbase is expected to have the opportunity to defend its case in court, similar to the ongoing legal battle involving Ripple. reflected.
Featured Image: Megapixel
Please see disclaimer