Nikhilesh De is CoinDesk's managing editor for global policy and regulation. He owns marginal amounts of bitcoin and ether.
A federal judge ruled that the U.S. Securities and Exchange Commission brought enough of a case arguing that Coinbase is operating an unregistered broker, exchange and clearinghouse that its suit against the cryptocurrency company should move forward.
The SEC sued Coinbase last year, the same week it sued fellow exchange Binance, alleging that it was violating federal securities laws by making trading and staking services available to the general public. It also argued that Coinbase Wallet acted as an unregistered brokerage. The other aspects of the suit can proceed, she ruled, dismissing claims that the SEC is violating the Major Questions Doctrine or the Administrative Procedures Act. Indeed, Coinbase had ample notice the SEC was pressing cases against crypto companies, the judge ruled, pointing to the DAO Report and previous cases.
Similarly, token developers"advertise the fact that capital raised through retail sales of tokens will continue to be re-invested," she noted.
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