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I was broken Coinbase-SEC court ruling Yesterday he noted that it would take some time to sort out its broader implications.
The view of one legal professional suggests that the decision could be the last straw of sorts to impose long-awaited regulatory clarity.
The court's decision Monday wasn't entirely surprising, according to Ari Hejkopp, a partner in the investment management practice group at Haynes Boone. He explained that the SEC's response to Coinbase's petition "lacked any substance." But a court ordering an agency to issue a new rule has high standards.
However, Hijkop told me that the descriptive language of the opinion (which shows an increased understanding of the field) suggests that “the SEC may not have room to continue to evade coming out with a specific position on the regulation of cryptocurrencies and digital assets.”
In fact, Judge Stefanos Bibas points out, "the SEC's old regulations do not fit well with this new technology, and associated new technologies." Enforcement strategy “Raises concerns about constitutional notice.”
The Bypass concurrence opinion, in particular, appears to appeal to the SEC to distinguish between currencies that function like securities and those that do not, Heggcoop explained.
Partner Heinz Bohn added: “As the number of crypto products and how they operate grows, if crypto regulation is issued, it will likely take these differences into account.”
This ruling may provide some optimism for defendants to challenge cryptocurrency enforcement actions if there is no further guidance from the SEC. But issuing a new rule would be a "fairly seismic act," Hegekop said.
Moreover, the SEC's actions regarding unregistered securities offerings may not be fully halted given the decision's recognition of cryptocurrency products with the characteristics of securities.
Whether the agency New management Providing more guidance through regulation rather than litigation remains the key question.
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