Coinbase Chief Legal Officer: The US SEC once again submitted the same objection to the judge

The U.S. Securities and Exchange Commission (SEC) filed a letter to the judge on July 7 in response to Coinbase’s motion to allow it to proceed pursuant to the complaint. If the court grants the motion filed by Coinbase, the SEC will object, the documents show. In response, Coinbase Chief Legal Officer Paul Grewal tweeted that Coinbase agreed to give the SEC a few more days to explain why it intends to object, but sadly the SEC submitted the same content. The SEC ignores what the Supreme Court clearly demanded decades ago in Howey that an investment contract first requires enforceable rights to the issuer, that it requires more than just an investment of money, etc. The SEC ignored their obligation to give due regard to the public interest and investor protection when they allowed it to go public more than two years ago. The SEC ignored its chairman’s statement before Congress a month later that there is no regulatory body for cryptocurrency exchanges like ours. The SEC is ignoring the Supreme Court's unequivocal warning just last week against overregulation on big issues reserved for Congress.