SEC lawsuits against Coinbase and Binance could result in massive payday for lawyers
As for the SEC's complaints themselves, Fischer said that market participants are largely overlooking the extent to which they overlap, focusing too much on the allegation that both Binance and Coinbase traded unregistered securities.
"The allegations are not just that there was selling of securities," Fischer said."Both [complaints] focus very heavily on the argument that both combine functions that should be separate. By doing that they are taking multiple roles all without being registered." Coinbase has argued that it has tried in earnest to engage with the SEC on creating a registration path, noting in a March
that it"proposed two different registration models. We spent millions of dollars on legal support to build these proposals and repeatedly asked for the SEC’s feedback. We got none."that the regulatory uncertainty in the U.S. could push the industry offshore and result in a national security issue for the country.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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