U.S. federal judge: If he supports the U.S. SEC’s lawsuit against Coinbase, he may inadvertently expand the definition of securities to collectibles and other fields.

20/01/2024 15:08

U.S. District Judge Katherine Polk Failla presided over a hearing on Coinbase’s request to dismiss the SEC’s civil lawsuit on Wednesday local time. During the five-hour hearing, Failla seemed unimpressed with the SEC's view, telling SEC attorneys in court, "I want to understand how your standards don't address the collectibles market or commodities." I worry that your argument is too broad. A federal judge has expressed skepticism about the Securities and Exchange Commission's (SEC) claims, noting that upholding the SEC's claims could inadvertently expand the definition of securities to areas such as collectibles that are not regulated by the SEC. scope. Failla did not rule at the end of Wednesday's hearing, but a decision is expected in the coming months. Following the hearing, Citi raised its Coinbase price target from $90 to $151. The SEC sued Coinbase in June last year, calling it an unregistered securities broker. Coinbase submitted a motion to dismiss (MTD) in August, arguing that the SEC did not have the legal authority to regulate cryptocurrency exchanges.

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U.S. federal judge: If he supports the U.S. SEC’s lawsuit against Coinbase, he may inadvertently expand the definition of securities to collectibles and other fields.

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