In the middle of a legal battle, the SEC and cryptocurrency exchange Coinbase are battling for control of the courtroom over unregistered securities and cryptocurrency legislation.
A judge in a U.S. district court has just approved a mutual proposal between the SEC and bitcoin firm Coinbase. As part of this arrangement, the two parties will share the allotted time for oral arguments equally.
The next hearing is set on January 17, and it will give Coinbase and the SEC a generous two hours each to state their positions and make their arguments.
Extending the plot, the New Finance Institute (NFI), an amicus curiae of the SEC, has requested a small window of time to provide oral arguments. NFI emphasizes the significance of the court listening to its viewpoints by stating its different stance in the issue, apart from Coinbase and the SEC.
When the hearing finally takes place, the focus will be on the SEC’s claims that Coinbase broke securities laws by marketing unregistered securities via the staking program.
Coinbase strongly disputes these assertions, arguing that the SEC lacks authority to regulate cryptocurrencies and that their staking program does not constitute securities.
The outcome of this legal dispute might have far-reaching consequences for the bitcoin industry as a whole. If the SEC wins this case, it would likely set a precedent that other cryptocurrency exchanges must register with them, which might signal a new age of strict regulation and regulatory monitoring.
The fact that the court decided to give Coinbase and the SEC the same amount of time shows that they were being fair. By maintaining a fair balance, the court is able to hear arguments from all parties and reach a wise and informed decision.
Also Read: Tech CEO Speaks Out Against Web3 Profit Grabs And Demands All-Inclusive Blockchain Solutions
Wallets