Ripple\u0027s top legal voice Stuart Alderoty critiques the SEC\u0027s approach in the Coinbase case
his views on the the U.S. Securities and Exchange Commission's recent filing against Coinbase."There is so much wrong with the SEC’s brief in the Coinbase case I don’t know where to begin," he posted on X .
Alderoty expressed skepticism over the SEC's arguments, particularly their contention regarding the value of digital assets compared to traditional collectibles like baseball cards.Detailed in their memorandum of law, the SEC alleges that Coinbase has been involved in transactions of securities on its platform. Many associate securities with traditional forms like stocks or bonds, but the SEC emphasizes that"investment contracts" can be more expansive.
The SEC claims that Coinbase's wallet application functions as a brokerage activity and that its staking program, which rewards users for validating blockchain transactions, amounts to offering unregistered securities. Coinbase recently requested the judge to dismiss the lawsuit on the grounds that it doesn’t trade in securities.
The crypto exchange argues that it does not offer any form of securities. Hence, it contends that the lawsuit is outside of the regulator's delegated authority. Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.
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