I have been following the SEC's witch-hunt against various cryptocurrencies for awhile now. It started out as a curiosity regarding it's case against Ripple. It was nice to see that Ripple had a win this past summer in it's fight against the SEC.
Now, COINBASE is making an attempt to get the case dismissed before it goes to trial regarding selling unregistered securities. Apparently, by Tuesday the 24th of October 2023 Coinbase is filing a motion to hammer home two points. Here is an article that provides more detail here: https://www.coindesk.com/policy/2023/10/23/coinbase-poised-to-make-final-pitch-in-bid-to-kill-sec-accusations-quickly/?_gl=1*fh9w21*_up*MQ..*_ga*MjkyNzYxMjA4LjE2OTgwNzY0NjA.*_ga_VM3STRYVN8*MTY5ODA3NjQ1OS4xLjAuMTY5ODA3NjQ1OS42MC4wLjA
One point is that the SEC had not proved that there were investment contracts, basically making the point that cryptocurrencies therefore cannot be securities. A second point they are reportedly hammering home is using the idea of the Major Questions Doctrine (I wrote about this here: https://www.publish0x.com/twodogscaged/is-the-major-questions-doctrine-what-cryptocurrency-needs-xnnokdz) to support the idea that the SEC has no right to enforce or police cryptocurrencies.
Why is this important. Well, if Coinbase can succeed in getting the case dropped, it is obvious that it is a win and there is less to worry about in the broader cryptocurrency market and prices will go up. if it cannot get it dropped, it will lead to a prolonged battle in court that may take years to clarify. Now, in my estimation, if it goes to court (sadly I think this move by Coinbase will not work, even though I believe they are correct and it should work) it may not get to see the end of the case. I believe that the U.S. Congress will eventually get it's act together and put in place legislation that provides guidance to U.S. agencies on what cryptocurrencies are.
I think we are at a turning point in the evolution of cryptocurrency. Things are moving in the right direction and we are in the early stages of the next bull market. Especially if the Republicans win the Presidency in the U.S. in 2024 it will be a boon for cryptocurrency as they have been in favor of cryptocurrency and minimal market interference by the government.
