Snowden Speaks Out: SEC Facing Defeat in High-Stakes Battle with Coinbase

Whistleblower and Bitcoin advocate Edward Snowden remains unfazed by the legal tussle between the U.S. Securities and Exchange Commission (SEC) and Coinbase Global Inc. Snowden predicts a bleak outcome for the SEC in court, suggesting that their actions may backfire.

Snowden Predicts SEC May Fail in Bitcoin ETF Lawsuit, Questions Enforcement Tactics

Snowden's remarks follow a court decision permitting the SEC to proceed with its lawsuit against Coinbase. He asserts that if the SEC persists in its perceived unfair practices, it will face a resounding defeat in court, potentially preventing similar actions in the future.

Referencing a previous incident, Snowden recalls SEC Chair Gary Gensler's reluctant approval of Bitcoin Exchange-Traded Funds (ETFs) subsequent to a legal setback. This historical context underscores Snowden's skepticism towards the SEC's legal maneuvering.

SEC Wins Bitbase Case, Snowden Backs Crypto Amid SEC Critique

In June 2023, the SEC filed a lawsuit against Coinbase, alleging the exchange operated as an unregistered securities dealer. The recent court ruling denying Coinbase's motion to dismiss the allegations signals a significant setback for the company.

Snowden, a vocal supporter of Bitcoin, has hailed it as a monumental advancement in monetary history. Additionally, he anticipates the revelation of a national government covertly accumulating Bitcoin this year, further highlighting his confidence in the cryptocurrency's future.

Coinbase's stock closed the regular session down 3.79% at $256.70, with a modest 0.9% uptick in after-hours trading. Meanwhile, Bitcoin experienced a 1.12% decline, trading at $69,725.02.