Coinbase vs. SEC: Judge scrutinizes 90-year-old securities act
The Coinbase vs. SEC case takes center stage as the leading exchange is set to argue why its traded tokens are not unregistered securities. In June 2023, the SEC sued Coinbase, alleging the exchange traded 13 unregistered securities . The case is being heard by Judge Katherine Polk Failla today in the Southern District of New York. Insider reports from the hearing have revealed arguments and questions being asked by Judge Katherine Polk Failla. The judge scrutinized the Securities Act of 1933 as outdated by quoting pro-Bitcoin Senator Cynthia Lummis’ statement that the 90-year- old law does not consider new technologies like Bitcoin. The Securities Act of 1933 has been the SEC’s go-to guideline for most crypto cases. *EDITING FOR CLARITY* Failla just asked the @SECGov why she shouldn’t listen to @SenLummis who says Failla should dismiss the case. “She’s not just a random Senator, she’s someone deeply involved in the space. Why is she wrong?” SEC lawyer says a Senator’s opinion… ...