In a pair of fireside chats at a cozy Manhattan gathering, it was clear that the sec_news and Coinbase weren't speaking the same language, davidzmorris writes. Opinion for The Node newsletter.
This morning in a sun-dappled conference room high above the streets of Manhattan, a crowd of lawyers and journalists got a preview of crypto’s coming legal Ragnarok. It was the U.S. Securities and Exchange Commission vs. Coinbase, months early – albeit slightly more polite and vague than things will be in any coming court showdown.
Grewal also provided some insight into the decision to pursue exchanges including Coinbase and Binance, rather than continue individual enforcement actions against violating token issuers. You’re pushing that nexus between policy and U.S. law out of the perimeter of U.S. law. That’s a big deal. This has to be a matter of national strategy.
“The normal dynamic in Washington [D.C.] is that when the constitutional branches of government are [acting], typically regulators will step back and let the political branches figure it out,” said Shirzad. “It’s not typical that you’ll see congressional action moving in earnest, and not just a government department, but a regulatory agency, rush in to redefine facts on the ground to get ahead of that. I don’t know if that’s happening here … but if that were happening, it would be unusual.
“This is not just a convenience issue over whether one industry can operate in the United States. We’re at a critical juncture … blockchain is the value layer of the internet. That has significant implications,” Shirzad said, citing several ongoing blockchain pilot projects by the likes of JPMorgan as evidence.
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