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## The SEC vs. Coinbase: Regulation of Crypto

The question of who gets to regulate crypto has some answers, as a judge has ruled the Securities and Exchange CommissionÔÇÖs securities lawsuit against Coinbase can continue. US District Judge Katherine Polk Failla ruled that under federal securities laws, ÔÇ£the SEC has sufficiently pleaded that Coinbase operates as an exchange, as a broker, and as a clearing agency under the federal securities laws, and, through its Staking Program, engages in the unregistered offer and sale of securities.ÔÇØ

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Despite arguments from some in the crypto community that existing laws are inadequate, the judge rejected those claims directly, writing, ÔÇ£The ÔÇÿcryptoÔÇÖ nomenclature may be of recent vintage, but the challenged transactions fall comfortably within the framework that courts have used to identify securities for nearly eighty years.ÔÇØ

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While the judge ruled against most of CoinbaseÔÇÖs arguments for dismissal, she dismissed the SECÔÇÖs claims against its Wallet. The SECÔÇÖs arguments ÔÇ£fall short of demonstrating that Coinbase acts as a ÔÇÿbrokerÔÇÖ by making Wallet available to customers,ÔÇØ said Judge Failla.

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In response to the ruling, Coinbase chief legal officer Paul Grewal tweeted, ÔÇ£Early motions like ours against a government agency are almost always denied. But clarity is the ultimate goal and todayÔÇÖs decision continues us on that path.ÔÇØ By utilizing artificial intelligence tools like the legalese decoder, legal professionals and individuals can strive towards achieving clarity and understanding in complex legal matters, ultimately facilitating informed decision-making and effective legal strategies.

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