Coinbase launches a 'counterattack' with a lawsuit against the U.S. SEC
The largest global cryptocurrency exchange in the U.S., Coinbase, has launched a counterattack against the U.S. Securities and Exchange Commission (SEC). On the 24th of this month (local time), Coinbase filed a lawsuit forcing the SEC to respond to a petition it had previously submitted.
In July of last year, Coinbase submitted a petition to the SEC, asking for answers to 50 questions, including how existing securities laws could be applied to virtual assets and the method for classifying virtual assets as securities.
(omitted)
Hyeonsu “Elliot” Jin, managing partner at Decent Law Firm, stated, "Since the lawsuit has been filed, the SEC must respond. However, if the SEC replies that it has already provided sufficient guidelines and explanations, there is a high likelihood that the lawsuit will be dismissed. Coinbase is likely aware of this and has made a strategic decision."
He added, "As the largest cryptocurrency exchange in the U.S., it won’t be easy for Coinbase to leave the U.S. entirely. However, there is a strong possibility that they will separate their U.S. and overseas services to continue providing them."
