Coinbase has won an initial victory in its campaign to make the U.S. Securities and Exchange Commission explain how it decides when cryptocurrencies should be considered securities, but the agency has a number of avenues it can take to push back.
“The fact that the Third Circuit is moving quickly is not a surprise and is not a signal that Coinbase will win,” says Virginia-based securities lawyer James Murphy. It is “unlikely” that the SEC would “just agree to engage in the rule-making process that Coinbase has requested.”
Alternatively, says Murphy, the agency could just say no, denying the exchange’s initial request for a clear definition of what its criteria are for defining a digital asset as a security.
The agency is likely to keep its response as vague as possible, adds Deaton, pointing to a footnote in another SEC ruling on Thursday on thefor hedge funds and private-equity firms. In its new iteration, the SEC left out digital assets, adding that “the Commission and staff are continuing to consider this term and are not adopting ‘digital assets’ as part of this rule at this time.”
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