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The Week in Crypto Policy - SEC v. Coinbase & a New Senator Lummis & Hagerty Bill
Key Insights
- Attorneys for the SEC and Coinbase argued their cases in front of Judge Failla as to whether Coinbase violated federal securities laws.
- Senators Bill Hagerty (R-TN) and Cynthia Lummis (R-WY) introduced a bill that would create a pilot program for federal agencies and crypto firms to share information to detect and combat illicit finance activity.
SEC v. Coinbase - Oral Arguments on Motion to Dismiss
On Wednesday, the SEC and Coinbase presented oral arguments on Coinbase's motion to dismiss SEC claims that Coinbase operated as an unregistered securities exchange, broker, and clearing agency, and offered its staking program as an unregistered security.
Key Takeaways:
- It was clear that Judge Failla carefully reviewed the pleadings and each amicus brief and that she had a deep understanding of the technical facts underlying the case.
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George Leonardo is the founder of Cap Hill Crypto, a solo-entrepreneur venture focused on providing nonpartisan insights and analysis on U.S. federal crypto policy. Previously, he worked on Capitol Hill for Senator John Cornyn and as a litigation associate at Milbank LLP.