The US Securities and Exchange Commission (SEC) has sent shock waves through the crypto industry in recent days by taking legal action against Binance.US and Coinbase. News about Binance wasn’t even 24 hours old when the SEC pursued a lawsuit against Coinbase.
According to the SEC, Coinbase lacks a license to operate its own trading platform. The agency is also targeting Coinbase’s staking program, Bitcoinist reported.
According to the order, Coinbase has 28 days to show why the SEC did not order the company to stop and refrain from selling alleged unregistered securities. However, a solution is unlikely to be reached in this time frame, especially since Coinbase CEO Brian Armstrong has already announced that he is ready to take over the regulator.
Judges assigned to Coinbase vs. SEC case
Now it is decided who will decide the legal battle. And the judge’s name is no stranger to the crypto world: The case has been assigned to Jennifer Redin, the same judge presiding over the SEC appeal in the Voyager bankruptcy case.
Digital asset attorney James Murphy, known on Twitter as “MetaLawMan” situation Some other interesting facts about Judge Redden’s mission. First of all, Reddin has only been a judge for less than a year.
Moreover, she was a litigation partner in the prestigious law firm Gibson Dunn. Remarkably, Binance is taking advice from Gibson Dunn in litigation with the SEC.
It is also interesting that the cryptocurrency does not. Senator Elizabeth Warren announced that she would oppose Redden’s confirmation, but the Senate ultimately voted for her by a majority vote.
Bill Hughes, attorney at Ethereum’s ConsenSys, He writes He tweeted that Justice Reardon “is basically a centrist” who was nominated by Trump but blocked, re-nominated and voted for under Biden, thanks in large part to the support of Sen. Kirsten Gillibrand.
According to Hughes, the assignment “could be a lot worse,” but he warns against making predictions and too much speculation about Redden’s brief career as a judge and all her past rulings. While he also points to the fact that she was previously a partner at Gibson Dunn, which is representing Binance in the SEC lawsuit, he nonetheless warns:
None of this has any bearing on how they identify certain issues. It just indicates mood and openness. There will be a lot of scammers and charlatans on this infernal site who will lather at her mouth that her past determines everything, and everything has to do with politics.
Although it is nearly impossible to predict the outcome of the Coinbase v. SEC case based on Judge Redden’s appointment, there are good reasons to believe that there could have been much worse judges.
At the time of writing, the overall cryptocurrency market cap has found itself at the most important support, which is the 200-day moving average. Since the beginning of May, the 200-day exponential moving average (EMA) has already acted as support three times, preventing further, deeper declines.
Featured image by Tingey Injury Law Firm/Unsplash, chart from TradingView.com