Coinbase loses first round of battle against SEC

Court has ruled against Coinbase motion for dismissal of charges of operating as an exchange, broker and clearing agency. Court has sided with SEC on staking program issue but supports Coinbase on SEC claims regarding wallet. Case will proceed as US District Judge Katherine Polk Failla mostly denied Coinbase’s motion to dismiss the SEC’s charges.

Invoking the major questions doctrine, a guiding principle established by the Supreme Court. It stipulates that Congress should not delegate to agencies like the SEC on matters of major political or economic significance. However, Judge Polk argued that the SEC had provided proper notice through written guidance, litigation and other actions. An excerpt from the judge’s ruling reads: Having now carefully considered the parties' arguments ...

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