Coinbase sues SEC, FDIC

[zasad@]

Coinbase sues SEC, FDIC over FOIA requests, says federal regulators trying to cut out crypto
https://www.theblock.co/post/302145/coinbase-sues-sec-fdic-over-foia-requests-says-federal-regulators-trying-to-cut-out-crypto
"Coinbase, which retained consultant firm History Associates Inc. to file the FOIA requests, took aim at the SEC and FDIC in lawsuits filed in the U.S. District Court for the District of Columbia on Thursday.
The crypto exchange accused federal financial regulators of trying to cut off the crypto industry from the banking sector in the complaints. "

[NeuroticFish]

I've read today some interesting posts on Twitter which I will partly quote here. I think that SEC will face quite a number of lawsuits in the near future.

🚨BREAKING: In a 6-3 opinion, the Supreme Court has just overruled the #Chevron deference, a 1984 precedent that says when congressional laws are "ambiguous”, federal judges should defer to "reasonable" federal agency discretion.

My (non attorney) 1st impression is this effectively ends the Gensler SEC agenda.

1) With the corroborating evidence of the House passing FIT 21 which declares non equity/debt digital assets to NOT be securities, all (non fraud) enforcement tied to the SEC interpretation of Howey are DOA, as it is clearly NOT supported by legislation.

[goldkingcoiner]

No surprises there. The SEC have overstepped their boundaries many times and have done damage to centralized cryptocurrency service providers and their profits.

[yhiaali3]

It is good to see that the number of lawsuits against the SEC and its abuses is increasing, at least it will weaken their position and make them defenders from attackers.

But legally speaking, if Coinbase wins its lawsuit against the SEC and FDIC over FOIA requests, what specifically will Coinbase gain? What will its impact be on the SEC and on the cryptocurrency industry in general?

[bbc.reporter]

I've read today some interesting posts on Twitter which I will partly quote here. I think that SEC will face quite a number of lawsuits in the near future.

🚨BREAKING: In a 6-3 opinion, the Supreme Court has just overruled the #Chevron deference, a 1984 precedent that says when congressional laws are "ambiguous”, federal judges should defer to "reasonable" federal agency discretion.

My (non attorney) 1st impression is this effectively ends the Gensler SEC agenda.

1) With the corroborating evidence of the House passing FIT 21 which declares non equity/debt digital assets to NOT be securities, all (non fraud) enforcement tied to the SEC interpretation of Howey are DOA, as it is clearly NOT supported by legislation.

This will certainly occur. Uncle Gary and his friends should begin reducing their anticrypto activities because it is beginning to be very much more possible that Biden will lose the election and with this, also lose the people that protect uncle Gary in Biden's cabinet.

However, will Trump keep his promises on bitcoin and the cryptospace? I am skeptical, however, we should support his decision and wish.

[zasad@]

I think that these events do not matter much before the elections. When the elections are over and the balance of power is already clear, the SEC will enter into an agreement with all major participants in the crypto market. Coinbase is not an independent player in the market, and therefore after the elections they will make the right decision.

And for other projects and companies, nothing will change, the SEC must bring money to the budget and this organization will continue to do this under any president and leader.

[avikz]

Coinbase sues SEC, FDIC over FOIA requests, says federal regulators trying to cut out crypto
https://www.theblock.co/post/302145/coinbase-sues-sec-fdic-over-foia-requests-says-federal-regulators-trying-to-cut-out-crypto
"Coinbase, which retained consultant firm History Associates Inc. to file the FOIA requests, took aim at the SEC and FDIC in lawsuits filed in the U.S. District Court for the District of Columbia on Thursday.
The crypto exchange accused federal financial regulators of trying to cut off the crypto industry from the banking sector in the complaints. "

Very much true to its core! US enforcement agencies are indeed trying to suppress the financial freedom of their citizens. Suing hundreds of people for getting involved with cryptos, arresting them in charge of money laundering and exploiting the exchanges by imposing fines worth billions of dollars. Right now, US is the most unsafe country in the whole world for crypto related businesses. Not sure why these companies are not moving to countries like Singapore!

I am sure nothing will come out as a result of this lawsuite. But it's great to see that Coinbase has the spine to get to this fight against the powerful agencies while its easier for them just to move out of US. Kuddos!

[zasad@]

Coinbase sues SEC, FDIC over FOIA requests, says federal regulators trying to cut out crypto
https://www.theblock.co/post/302145/coinbase-sues-sec-fdic-over-foia-requests-says-federal-regulators-trying-to-cut-out-crypto
"Coinbase, which retained consultant firm History Associates Inc. to file the FOIA requests, took aim at the SEC and FDIC in lawsuits filed in the U.S. District Court for the District of Columbia on Thursday.
The crypto exchange accused federal financial regulators of trying to cut off the crypto industry from the banking sector in the complaints. "

Very much true to its core! US enforcement agencies are indeed trying to suppress the financial freedom of their citizens. Suing hundreds of people for getting involved with cryptos, arresting them in charge of money laundering and exploiting the exchanges by imposing fines worth billions of dollars. Right now, US is the most unsafe country in the whole world for crypto related businesses. Not sure why these companies are not moving to countries like Singapore!

I am sure nothing will come out as a result of this lawsuite. But it's great to see that Coinbase has the spine to get to this fight against the powerful agencies while its easier for them just to move out of US. Kuddos!

https://www.coinbase.com/en-gb/blog/u-s-marshals-service-chooses-coinbase-to-safeguard-trade-its-large-cap
"U.S. Marshals Service chooses Coinbase to safeguard, trade its large cap digital assets portfolio
TL; DR: After a comprehensive process, the U.S. Marshals Service (USMS), a division of the U.S. Department of Justice, selected Coinbase Prime as its partner to safeguard and trade its “Class 1” (large cap) digital assets. "

__
Don't pay too much attention to just one news item. Coinbase is a "system" player that will cooperate with the government. Before the elections, they are kind of fighting for freedom, after the elections, the lawsuits may be withdrawn. If this exchange were not in the "system", it would not have received a single government contract.

[Z-tight]

However, will Trump keep his promises on bitcoin and the cryptospace? I am skeptical, however, we should support his decision and wish.

What promises if i may ask, as far as i know Donald Trump hasn't made any promises to the crypto industry, it is simply gullible crypto users who are taking his recent statements about crypto as an approval, when it is just a way to score cheap points in the forthcoming elections. If you think there would be a visible positive change in how the U.S treats the crypto industy if Donald Trump wins, then i can say you are wasting your time.

[zasad@]

I think that the US will adopt the necessary laws, otherwise they will lag behind Europe and Asia, where crypto regulation is more lenient. But all US citizens' wallets will be subject to the mandatory CCS procedure, so this will be a completely different market.