Coinbase, Dava Düşürülmesini Talep Ediyor – “SEC Yasama Yetkisini Aşmıştır”

4 Ağustos itibarıyla Coinbase, resmi bir dilekçe dosyaladı SEC ile ilgili mahkeme davasının reddedilmesi için. SEC, 3 Ekim’e kadar aynı şekilde yanıt verme fırsatına sahiptir.

Kaynak: X @iampaulgrewal

Coinbase’a yöneltilen suçlamalar, kayıt dışı menkul kıymetlere erişim sağlama iddialarının yanı sıra, kayıt dışı bir aracı, borsa ve takas kuruluşu olarak faaliyet gösterme suçlamalarını da içermektedir.

IPO Onayı

Bu dava özellikle bölünmüş bir konu, çünkü Coinbase uzun süredir faaliyet gösteren en düzenlemeye uyumlu borsalardan biri olarak görülüyordu. Bu algı, borsa ile zaten çalışan ya da çalışmayı planlayan büyük şirketlerin (ör. Blackrock, Visa (V ) vb.) listesine bakıldığında daha da vurgulanıyor.

One of the main arguments put forth by Coinbase surrounding the SEC’s allegations that highlight this is that the regulator was fully aware of the services on offer by the exchange when it was approved to go public in 2021.  In its brief, Coinbase states,

“All four services targeted here – the spot exchange, Prime, Wallet, and staking – have been central features of Coinbase since well before Nisan 2021, when the SEC declared the Company’s registration statement effective after an extensive six-month review”

Essentially, Coinbase is saying that the SEC was fully aware of how it operated years ago.  By approving its IPO, the SEC was essentially giving Coinbase and its operations a stamp of approval.

Ne Değişti?

If the SEC gave an approval to Coinbase by greenlighting its IPO, what changed in the years since?  Interestingly, it appears as though Coinbase believes that,

“The SEC wanted to get the jump”

Essentially, Coinbase puts forth that it is in what is being viewed as a regulatory turf war, with the SEC looking to stake its claim on the industry before others do the same.  The quickest and easiest way to do so  is not by waiting  for  Congress  to determine  a best path forward, but through regulation  by enforcement instead.

Bir Can Kurtarıcı

Coinbase, and perhaps the crypto sector at large, was through a lifeline when another case involving the SEC and Ripple Labs found that XRP tokens in and of themselves were not securities.  With this being the case, the grounds on which the SEC made its case that at least 12 of the tokens supported by Coinbase were securities becomes very shaky.

“…the SEC has charged Coinbase based solely on blind, bid-ask, spot exchange transactions – the very sort of transactions the Ripple court recently held as a matter of law were not investment contracts because the undisputed facts showed no relevant relationship between the parties to the sale.”

While Coinbase may be looking to leverage this recent ruling to its advantage, it should be noted that the SEC has indicated it is considering appealing that recent decision.

Sonuçlar

Despite the widely viewed notion that the grounds for these charges are quite tenuous, Coinbase has nevertheless had to deal with a significant amount of resulting fallout.  Due to the case, we have seen various states in recent months file a show-cause order, requiring Coinbase to shut down its staking program due to the alleged securities violation unless it showed cause why it should not.  States involved included,

• Alabama
• Kaliforniya
• Illinois
• Kentucky
• Maryland
• New Jersey
• Güney Karolina
• Vermont
• Washington
• Wisconsin

This action resulted in a sizable drop in value of Coinbase (COIN) shares from $64.55 to $50.56 in the coming days.  Despite this, Coinbase (COIN) has proven quite resilient in the months, with the exchange capitalizing on being named in various surveillance agreements in Bitcoin ETF filings from various companies.  At time of writing, COIN is trading at $90.75.

Coinbase, bu ve diğer devam eden davalardan etkilenen tek şirket değil. Son birkaç ay içinde, belirsiz düzenleyici ortam nedeniyle ABD’den ayrılmayı seçen sayısız başka şirket oldu – bunların en yenisi Revolut.