https://www.theblock.co/post/238500/coinbase-knew-it-violated-securities-law-sec-says Premium News * Home * Data * Reports * Podcasts * Events * PRO * Companies * Crypto Ecosystems * Deals * Markets * Metaverse & NFT * Policy Coinbase knew it violated securities law, SEC says Grayscale makes Lido the second-heaviest component in its DeFi Fund WazirX founder's Shardeum completes $5.4 million strategic funding round $63 million in USDC frozen by Circle following Multichain breach Polygon Labs names new CEO after Foundation previously ditched that role Coinbase knew it violated securities law, SEC says Grayscale makes Lido the second-heaviest component in its DeFi Fund WazirX founder's Shardeum completes $5.4 million strategic funding round $63 million in USDC frozen by Circle following Multichain breach Polygon Labs names new CEO after Foundation previously ditched that role [USD] Live BTCUSD $ 30,327.50 0.17% ETHUSD $ 1,868.48 0.15% LTCUSD $ 98.67 1.34% SOLUSD $ 21.55 1.31% Get The Scoop from The Block's Frank Chaparro. 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Sign Up Now Premium News * Home * Data * Reports * Podcasts * Events * PRO * Companies * Crypto Ecosystems * Deals * Markets * Metaverse & NFT * Policy Coinbase knew it violated securities law, SEC says Grayscale makes Lido the second-heaviest component in its DeFi Fund WazirX founder's Shardeum completes $5.4 million strategic funding round $63 million in USDC frozen by Circle following Multichain breach Polygon Labs names new CEO after Foundation previously ditched that role Coinbase knew it violated securities law, SEC says Grayscale makes Lido the second-heaviest component in its DeFi Fund WazirX founder's Shardeum completes $5.4 million strategic funding round $63 million in USDC frozen by Circle following Multichain breach Polygon Labs names new CEO after Foundation previously ditched that role [USD] Live BTCUSD $ 30,327.50 0.17% ETHUSD $ 1,868.48 0.15% LTCUSD $ 98.67 1.34% SOLUSD $ 21.55 1.31% * Latest News * PRO * Data * Newsletters * Reports * Podcasts * Events * Home * About Us * Editorial team * Careers * Advertise * Disclosures * Sponsored * Press * Privacy Policy * Terms of Service * Security Coinbase knew it violated securities law, SEC says by Colin Wilhelm Policy * July 7, 2023, 6:14PM EDT [20210917_G] The Block * * * * * Quick Take * Lawyers for the U.S. Securities and Exchange Commission took an incredulous tone to Coinbase's argument that it did not know it violated securities laws. * The agency also argued that approval of a 2021 initial public offering statement did not mean it rubber stamped all of the company's business practices. [450x450-1] Stay updated on Pro Crypto Ecosystems news by locking ACS tokens with The Block. Connect/Create Wallet You can unlock at any time.* No wallet? No problem. You can set one up for free. We recommend Torus for first-time users. *a 2% locking fee will be added at the time of locking. Learn more about Access Protocol [20210917_G] In its latest filing in an enforcement action against U.S. crypto giant Coinbase, lawyers for the U.S. Securities and Exchange Commission took an incredulous tone to the company's argument that it did not know it violated securities laws. The agency also pushed back on a claim that its approval of a 2021 registration statement related to Coinbase's initial public offering meant that its enforcement case had no merit. "Coinbase, a multi-billion-dollar entity advised by sophisticated legal counsel, argues it was unaware that its conduct risked violating the federal securities laws, and suggests that by approving Coinbase's registration statement in 2021 the SEC confirmed the legality of Coinbase's underlying business activities--at that time and for all time," SEC lawyers wrote Judge Katherine Polk Failla of the Southern District Court of New York. "In other words, Coinbase adopted the very legal framework as a basis for making listing decisions that it now claims has no applicability to its activities," they continued. The Howey test In their initial enforcement suit filing against the company, the SEC alleged that Coinbase referenced the Howey test on its own website as what drove the company to determine whether to list an asset or not. Friday's filing came in response to an effort from Coinbase to have the case brought against it thrown out. Judge Polk Failla will review the arguments and make a determination in coming days. Coinbase Chief Legal Officer Paul Grewal called the SEC's allegations "more of the same" in a series of tweets. (c) 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. [75X75-1] Uphold - Easy, secure, reserved & transparent. Discover and instantly trade over 260+ cryptoassets on Uphold's easy to use, 100% reserved and transparent crypto platform. Get Started! Cryptoassets are unregulated. No consumer protection. Your capital is at risk. 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