Elliott Stein shared his opinion on the Coinbase vs SEC hearing and predicted that there is a very high chance that Coinbase will secure victory against SEC’s charges easily.
In June 2023, the United States Securities and Exchange Commission (SEC) sued the Coinbase exchange for providing crypto staking services, unregistered securities offerings, & running an unregistered national securities exchange.
On 19 Jan 2024, a legal researcher Elliott Stein shared the whole situation of the Coinbase vs SEC legal battle and said that he was expecting that Coinbase would succeed in dismissing the suit easily but he was wrong.
Stein said that following the first court hearing in the case, he realised that the SEC body does not only charge Coinbase primarily for providing crypto staking & trading services.
According to Stein, there are other multiple primary factors which are used by the SEC body to attack the Coinbase exchange in court.
The most important thing that Stein shared is the condition of this battle which clearly explains Coinbase’s efforts & way of fighting in this legal battle. According to Stein, Coinbase representative lawyers more precisely explained the definition of “investment contract” than the SEC lawyers.
In short, Coinbase lawyers are doing their best and probably they may get better favour from the court on behalf of the outcomes of the Ripple vs SEC suit, in which the SEC agency is struggling badly.
Just a week ago, Coinbase CEO Brian Armstrong talked about the approval of Bitcoin spot ETF applications by the US SEC and said that it was just a type of win for not only the crypto sector but also for the Coinbase exchange.
In an interview with CNBC, Armstrong said that such products will not only help the inflow of money in the crypto sector but also help the regulatory development around the crypto sector.
Read also: Soon an American bank will use Ripple (XRP) for cross-border payment services