Why the SEC’s Case Against Coinbase Is So Significant for Crypto - Ep. 597
Attorney Sam Enzer explains how the case that’s currently being heard could impact the SEC's entire enforcement regime against crypto.
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On Wednesday, a federal court in New York heard oral arguments in Coinbase’s motion to dismiss the SEC’s case against it for, among other things, allegedly acting as an unregulated securities exchange. Notably, Judge Katherine Polk Failla pressed the SEC to explain how it has jurisdiction over Coinbase in the case by defining what it considers a security.
Sam Enzer, a partner at Cahill Gorden & Reindel who represents Coinbase but not in this matter, joined Unchained to discuss why this case is so significant for the crypto industry, how he believes the government contradicted itself on the crucial definition of what constitutes a security, why he thinks the judge will not dismiss the case at this early stage, how the Ripple and Terraform Labs cases could be used by each side, and why he thinks Judge Failla is such a perfect choice to rule in this case.
Show highlights:
🔹 Why SEC v Coinbase holds important implications for the U.S. crypto ecosystem
🔹 What the SEC alleges against Coinbase, focusing on its trading platform, wallet, and staking services
🔹 How Coinbase forcefully counters the SEC's claims as it strives to get the case dismissed
🔹 What the “major questions doctrine” entails and its critical role in this dispute
🔹 Why Sam perceives the judge as “extremely skeptical” of the SEC's stance
🔹 Whether inconsistencies surfaced in the SEC lawyers' arguments
🔹 What “strict liability” means and its frequent mention in this legal battle
🔹 What takeaways from the Ripple and Terraform Labs cases offer about secondary market sales
🔹 Why Sam believes Judge Katherine Polk Failla is exceptionally well-suited for this case
🔹 Whether Judge Failla might reject the motion to dismiss, and when
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Guest
⭐️Sam Enzer, partner at Cahill Gordon & Reindel
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Time Stamps:
00:00 Introduction
01:11 Why this case is important
05:16 SEC’s argument
08:00 Coinbase’s arguments
17:43 Judge’s reaction to the arguments
26:19 Insights from Ripple and Terraform Labs cases
36:41 Legitimacy of staking services
38:09 The possible outcomes of the hearing
41:10 Weekly recap
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#bitcoin #ethereum #crypto #cryptocurrencies
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Пікірлер: 60
Sam is so easy to listen to and understand 👍. Explainer in Chief for legal stuff
These interviews are amazing and informative. Keep up the great work!
excellent summation thanks
Demonstrating competence. I’m loving this Enzer dude
Outstanding discussion explaining nuances of securities law
Impressed by Xeventy's commitment to user control and privacy! The decentralized KYC and personal data vault set a new standard for security.
I love your analysis, always on the point. And yes, Xeventy is a game changer. Great project!
do we know when the judge announcing the verdict ?
I see Sam Enzer. I click on video.
Many of these are OBVIOUSLY securities. The XRP token is a classic example. This could be contrasted to BTC (which is a commodity) . Filecoin (FIL) should NOT be a security (as it is a utility token).
Hopefully everything but eth and btc well be deemed a security.
@taccntb4345
3 ай бұрын
@@myvideos56 wow... you must be new...
The SEC investigation is fantastic. It sets a precedent for other crypto exchanges in the US. Let's face it, Coinbase isn't a stellar example of an exchange, especially when it comes to security. They've been hacked multiple times, leaving many users with compromised accounts. Perhaps it's time for Coinbase to address their internal issues first.
Perhaps a security could have a block chain ledger...
Don't miss the chance to be part of the Xeventy presale guys! Easy 50x till the end of the year, and I´m a very conservative
My top pics for this bull run: Trias, Verasity and Xeventy
Maybe the SEC should compel Coinbase to give an answer as to why they always close their exchange down whenever there are big withdrawals or whenever the market becomes too wild...
The SEC could come out on top in this scenario. The multitude of problems currently faced by Coinbase strongly suggests that the SEC's investigation could be entirely warranted. Recall the instance when they abruptly blocked the accounts of numerous users without any prior notice?
Top tier presale just begun. I think Xeventy is one of the most promissing projects year to date.
The smartest token in the world is Block Sailor BLOCK, which is the first token to rule itself rather than owners or other people.
Every individual who is a broker-dealer, or a compliance supervisor, or reported agent of a broker-dealer must qualify by passing a securities examination as specified in CCR §260.217(a)(1) and should meet all applicable examination requirements of the SEC and the self-regulatory organizations of which the broker- ...Sep 8, 2023
strict liability means you guilty irrespective of intent, like a speeding fine but not like a murder charge, where intent is the difference between manslaughter and murder.
There´s a rumor that Xeventy will go on Kucoin and few top exchanges after the launch!
Have the crypto community look at these crypto institutions applications they submitted to the sec a the states a whom ever is reading. I didn’t open an application for the institutions that are declaring independence. But are they now institutions at risk with groups in limbo?
Brian Armstrong: We're the safest exchange out there and we care about our customers. Also Brian Armstrong: Closes their withdrawals when the market gets too rough. Also Brian Armstrong: Sells most of his shares just before they get investigated by the SEC. 🤣
😊
I have high hopes for Block Sailor BLOCK. The market appears to be reacting favorably.
These guys know the answers to these crypto folks are on their own applications submitted to.
That is why Vivek needs to be elected as trump’s VP. Even IF other candidates are aware of this they have zero intention to stop this abuse. Instead they will never do anything about this. 4 more years of this nonsense and the agencies will FULY control the government. Yes the executive and the legislative and the judicial
@genesis3157
5 ай бұрын
Biden Executive Order 14067. You should look it up instead of listening to false info on KZread. While you’re at it look up Project 2025 and see how trump and Vivek want to change our Constitution and destroy America.
RIP Coinbase. Even their execs are selling out their shares. That just means there is no hope for the future of Coinbase anymore.
Being a part of the Block Sailor Token community excites me. Lets change the world!
The Web3 project Block Sailor appears to have a lot of potential. Ill definitely keep an eye on it!
So how can you say all of them are securities? With that being the factor you have to throw it out. Each project is different and was created differently. So because im staking on my own i am a SEC violator??? Doesn't make sense to me . I think its going to be thrown out by common sense. Congress has had plenty of time to interact with this sector. Time ran out on them. "NOW" congress wants a say. Too little too late
Act fast - the presale won't wait! Xeventy is getting sold out quickly
It’s identity theft since we just are gonna ask for clients social security number. And then assum that that person doesn’t have a valid brokerage license. So you are now doing identity theft.😊
Being a part of the Block Sailor Token revolution excites me. Lets change the world!
Great transmission, as always. I appreciate the no-nonsense approach you take to the news and the markets. A lot has changed and that's about it ,but the truth is that I don't even care much about the bull or bear market anymore because Nora. covered me while I'm doing comfortable.10k 15k every week and I'm still counting thanks to her ❤
I have high hopes for the future of Block Sailor BLOCK. It could really take off!
The anticipation for Block Sailor Token is through the roof. Hurry and sign up!
Block Sailor Token is well supported by the public. Future events are exciting!
Block Sailor Token is about to go off the tracks.
Block Sailor Token is set for takeoff like a rocket. Put your seatbelt on and take it easy!
I admire you Laura for enduring Sam's man-splanation.
coinbase needs to win or they will go bankrupt. they barely have any customers here in the US. they need all the revenue they can get with the billions of loss they've been having recently with the ongoing SEC investigation. one might say they are already on their way to failure 🤣
Block Sailor Token is the first token that governs itself and not owners or other people, making it the smartest token in the world.
Block Sailor Token is gonna explode anytime soon
There are much better and safer alternative currencies, including Block Sailor BLOCK, thus Im no longer interested in those ones.
Impressed by Xeventy's commitment to user control and privacy! The decentralized KYC and personal data vault set a new standard for security.
My top pics for this bull run: Trias, Verasity and Xeventy
Top tier presale just begun. I think Xeventy is one of the most promissing projects year to date.
There´s a rumor that Xeventy will go on Kucoin and few top exchanges after the launch!