Illustration by Alex Castro / The Verge
The question of who gets to regulate crypto has some answers, as a judge has ruled the Securities and Exchange Commission’s securities lawsuit against Coinbase can continue. US District Judge Katherine Failla ruled that under federal securities laws, “the SEC has sufficiently pleaded that Coinbase operates as an exchange, as a broker, and as a clearing agency under the federal securities laws, and, through its Staking Program, engages in the unregistered offer and sale of securities.”
While the judge ruled against most of Coinbase’s attempts to have the case dismissed, she found the SEC’s arguments “fall short of demonstrating that Coinbase acts as a ‘broker’ by making Wallet available to customers.”
Having now carefully considered the...
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