The SEC has not had a great track record in court cases against crypto firms in the last few months. And another important case is playing out right now in a New York federal courtroom.
Back in June of last year the SEC sued Coinbase arguing that it was operating illegally and that it should register as an exchange and be overseen by the SEC.
In comments yesterday, the presiding Federal judge in the case questioned the SEC that their argument is too broad and would sweep in collectibles and commodities as having to treat them as securities.
This gets to the heart of the legal disputes over whether or not cryptocurrencies are securities. Coinbase argues most are commodities, the SEC argues most are securities.
Without any action from Congress (unlikely in an election year) the outcome of this case will in large part determine the legal standing for cryptocurrencies in the short and medium term.
As the cryptocurrency and blockchain industries mature, they must prepare for a downside to their success – patent trolls. As technology charts clear routes and more money is at stake, Dykema patent attorney Michael Word said cryptocurrency will be the next patent battlefield.
USA: How technology may be able to do some heavy lifting for banks in 2024 A confluence of macroeconomic factors and technological innovations may lead to some important changes in the world of banking. Endangered bottom lines, regulators, and the promise of AI may put banks closer to achieving goals that have been on their list for a long time.
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Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.