Edward Snowden: "The SEC will lose the lawsuit with Coinbase"
Former CIA officer Edward Snowden suggested that the largest American crypto exchange, Coinbase, has a great chance of winning a lawsuit with the U.S. Securities and Exchange Commission (SEC).
U.S. District Judge Katherine Failla rejected Coinbase's motion to dismiss the lawsuit initiated by the American regulator. The judge referred to the persuasiveness of the SEC's arguments that Coinbase products related to trading and staking may violate securities laws. Despite this court decision, Coinbase General Counsel Paul Grewal expressed his willingness to challenge the lawsuit.
Edward Snowden supported Coinbase's position. He mentioned previous litigation involving the SEC. In October, the court ordered the SEC to review Grayscale's application to launch a spot ETF linked to bitcoin. Therefore, Snowden suggested that the outcome of the current case would also be unfortunate for the regulator. According to him, if the SEC continues to act in bad faith, the regulator will increasingly lose in court and will not be able to effectively regulate organizations working with cryptocurrencies.
"If the SEC continues in this spirit, losing in court will become commonplace for it. Therefore, the SEC will never be able to do this to crypto companies again. Once the SEC was spanked so hard in court that its chairman, Gary Gensler, had to tearfully approve the bitcoin ETF," Snowden wrote on the social network.
Earlier, Snowden said that cryptocurrency ETFs contradict the decentralization of Bitcoin, since they can give institutional investors disproportionate power and reduce the influence of ordinary users on the network.
Source: https://bits.media/edvard-snouden-sec-proigraet-sudebnuyu-tyazhbu-s-coinbase/
