Opinion: The SEC’s lawsuits against Coinbase and Binance raise critical questions about the SEC’s intentions and the future of crypto.
Coinbase’s CEO, Brian Armstrong, confidently predicts a win for Coinbase, arguing that the SEC’s action is unfair given Coinbase’s efforts to seek regulatory clarity. In a recent Wall Street Journal interview, he said:
“This is not a good fact pattern for them [the SEC] that a jury or a judge would look at [and] say, ‘Look, this company was formally petitioning you for clarity. They met with you 30 times. They developed their own internal framework working with the best lawyers in the world, and you never gave them any feedback on it. And then you hit them with this enforcement action. That’s not fair, and that’s not good for America.
This legal battle could take years to resolve. Ideally, Congress would provide clear laws for digital asset markets. Recently, Representatives Patrick McHenry and Glenn Thompson a digital asset market structure proposal aiming to provide regulatory clarity, foster innovation and protect consumers. This development could be a game changer.The SEC’s actions could drive crypto companies away from the U.S. and weaken domestic consumer confidence in crypto. This could create opportunities for other jurisdictions such as Hong Kong, Dubai, Singapore and the United Kingdom to attract crypto innovation and capital.
In the short term, there could be a downturn in crypto stocks, altcoins and U.S.-based crypto startups. Investors may divest toward Bitcoin or stablecoins. In the long term, exchanges may be cautious when dealing with U.S. customers and providing access to what the SEC claims to be securities. For instance, Robinhood announced it would delist tokens for Solana, Cardano and Polygon after the SEC suit named them as securities.
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