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Coinbase’s lawsuit with the United States Securities and Exchange Commission (SEC) may take a new turn in the coming weeks as the firm adds a new member to its legal team. The exchange’s CLO, Paul Grewal, announced on X that Ryan VanGrack would be joining the legal team as Vice President of Litigation.
This is a significant move for Coinbase as it goes headlong with the US securities regulator.
<h2 class="wp-block-heading" id="h-ryan-vangrack-s-profile-threatens-us-sec">Ryan VanGrack’s Profile Threatens US SEC</h2>
A look through VanGrack’s profile suggests that the SEC may be in for a tougher-than-expected lawsuit.
The top litigator was the Managing Director and General Counsel at Citadel Securities. Most of the time, he managed all legal affairs in the U.S. and North/South America. His core duty included overseeing the region’s litigation, corporate, and regulatory matters. At some point, he worked with the US SEC as Senior Advisor to Chair Mary Jo White.
He counseled the Chair on various regulatory matters, including enforcement and examinations. VanGrack contributed to the launch of the FinTech Working Group and supervised all blockchain-related policy/enforcement. He had spent some time at the White House under President Obama as Deputy Associate Counsel before heading to the securities agency.
The new Coinbase Vice President of Litigation brings a wide range of experience and expertise. With Grewal and other members of the American cryptocurrency exchange’s legal team, VanGrack may help bring Coinbase victory.
<h2 class="wp-block-heading" id="h-the-state-of-coinbase-vs-sec-s-legal-debacle">The State of Coinbase vs. SEC’s Legal Debacle</h2>
Coinbase has won some victories in its case with the SEC, including the court’s order to release crucial documents.
For several months, the exchange sought access to&nbsp;<a href="https://www.thecoinrepublic.com/2024/08/06/coinbase-vs-sec-continues-over-crypto-asset-documents/" rel="noopener noreferrer nofollow">information regarding</a>&nbsp;numerous internal and external SEC communications. Coinbase believed the documents would help it better understand how the SEC regulates digital assets through specific cases.
However, the regulator objected to the request, claiming it was overboard and irrelevant to the case. Two weeks ago, the crypto exchange won the document disclosure motion. Southern District of New York Judge Katherine Failla ruled that the&nbsp;<a href="https://www.thecoinrepublic.com/2024/09/07/coinbase-vs-sec-court-orders-regulator-to-disclose-key-documents/" rel="noopener noreferrer nofollow">SEC should provide key documents to Coinbase</a>. While the firm was still basking in the euphoria of its win, the Commission made a request.
It wrote to Judge Failla, asking that the discovery deadline be delayed until four months after the US election. It submitted a proposed Revised Case Management Plan to extend the deadline from October 18 to February 18 next year.
<h2 class="wp-block-heading" id="h-regulatory-landscape-in-the-us">Regulatory Landscape in the US</h2>
Generally, the regulatory landscape in the US has seen some improvements over the last few months.
Even the US SEC recently&nbsp;<a href="https://www.thecoinrepublic.com/2024/09/14/sec-claims-crypto-asset-security-term-was-only-shorthand/" rel="noopener noreferrer nofollow">regretted using the term “crypto asset securities</a>” in the Flyfish Club’s NFT lawsuit and another case involving Binance. It described the term as a linguistic shortcut, not a specific identification of any particular token as a security.
Consequently, the SEC pointed out that it apologizes for any inconvenience and will not use the term in the future.
Gary Gensler, the Commission’s chairman, is under investigation in Washington, D.C. He is being probed for recruiting government employees based on their political affiliations, which, unfortunately for Gensler, is a violation of Federal Regulations. It remains to be seen how the crypto market could be affected by the news, with his hearing slated for later this week.
The post <a href="https://www.thecoinrepublic.com/2024/09/24/coinbase-versus-sec-top-exchange-onboards-top-litigator-ryan-vangrack/" rel="noopener noreferrer nofollow">Coinbase Versus SEC: Top Exchange Onboards Top Litigator Ryan VanGrack</a> appeared first on <a href="https://www.thecoinrepublic.com" rel="noopener noreferrer nofollow">The Coin Republic</a>.

Coinbase Versus SEC: Top Exchange Onboards Top Litigator Ryan VanGrack

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