Cardano

Solana

Biden

Polygon

<html>
 <head></head>
 <body>
 The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/news/coinbase-lawyers-highlight-bidens-student-loans-ruling-in-sec-defense-strategy/">Coinbase Lawyers Highlight Biden’s Student Loans Ruling in SEC Defense Strategy</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
 In a legal <a href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.599908/gov.uscourts.nysd.599908.27.0_1.pdf" rel="noopener noreferrer nofollow">filing on Wednesday</a>, lawyers representing Coinbase argued that a recent U.S. Supreme Court judgment on student debt cancellation supports their defense against charges of operating an unregistered securities venue by the Securities and Exchange Commission (SEC). 
 The SEC had accused Coinbase of breaching federal securities law on June 6, alleging that the crypto exchange had operated without proper registration. Coinbase, in response, contends that the lawsuit is an attempt by the regulator to assert “extraordinary wholesale power” over the $1 trillion digital asset industry, which is now being challenged in light of the Supreme Court’s ruling. 
 Coinbase <a href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.599908/gov.uscourts.nysd.599908.27.0_1.pdf" rel="noopener noreferrer nofollow">refers</a> to the Supreme Court’s decision on June 30, which deemed the cancellation of approximately $430 billion in student debt by the Secretary of Education as an <a href="https://www.bbc.co.uk/news/world-us-canada-65931653" rel="noopener noreferrer nofollow">overstep of authority</a>, reinforcing the legal doctrine that government agencies require clear support from Congress when making decisions of significant economic or political importance. 
 <h2 class="wp-block-heading" id="h-lawmakers-engage-in-debate-over-digital-asset-regulations">Lawmakers Engage in Debate Over Digital Asset Regulations</h2> 
 The crypto exchange argues that a similar case, known as Biden v. Nebraska, holds relevance to their defense, as lawmakers have yet to establish clear regulations for the cryptocurrency industry. Coinbase asserts that Congress has not delegated regulatory authority to the SEC and is actively considering regulatory frameworks for the digital asset industry. 
 U.S. lawmakers are currently discussing various digital asset laws, including a <a href="https://coinpedia.org/news/bipartisan-compromise-on-stablecoin-legislation-remains-elusive-u-s-congressional-hearings-expose-divide/" rel="noopener noreferrer nofollow">bipartisan bill</a> introduced by Senators Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.), which suggests granting authority to the Commodity Futures Trading Commission (CFTC) instead of the SEC. 
 The SEC contends that digital assets, including tokens associated with Solana (SOL), Cardano (ADA), and Polygon (MATIC), fall under regulated securities and claims that Coinbase <a href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.599908/gov.uscourts.nysd.599908.26.0.pdf" rel="noopener noreferrer nofollow">knowingly violated</a> the law by not registering its activities. Similar allegations have been made against competitors Binance and Bittrex, with all three companies denying the charges and asserting that the SEC lacks jurisdiction. 
 Later today, the parties will meet for a preliminary hearing in a New York courtroom, marking the beginning of a potentially protracted trial. In a separate case, Coinbase recently obtained a victory in the Supreme Court, where it was ruled that a lawsuit filed by a user against the exchange would be stayed pending an appeal.
 </body>
</html>

Coinbase Lawyers Highlight Biden’s Student Loans Ruling in SEC Defense Strategy

Table of Contents

CoinPedia News

Other articles published on Jul 13, 2023

Is Litecoin’s Journey Just Beginning? LTC joins the top 10 as the halving nears.

Messari CEO On Ripple vs. SEC Ruling, Acknowledges Efforts of Ripple CLO

Staking Supercharge: Cardano Founder Charles Hoskinson Proposes Game-Changing Partnership with Al...

Crypto Analyst Predicts Further Upward Price Movement For LTC

Ripple News Update : CEO Brad Garlinghouse Teases Exciting Prospects Post XRP Victory

Dogecoin Brought up by Ex-Celsius CEO to Justify CEL Price Manipulation

Join our free newsletter for daily crypto updates!