TL;DR
Full story
You’ve heard that the SEC may charge Coinbase for selling unregistered securities, sure…
But have you heard of Coinbase suing the SEC in return?
If you missed anything or everything – here’s a clear interpretation of how it all turned out:
SEC: Do you want to play a game?
Coin base: Sure, what are the rules?
SEC: The rules are comparable to another game from the 1930s…but also different.
Coin Base: Ok (?) can you define the rules of this game?
SEC: No.
Coin Base: How do we play then?
SEC: Uh-oh, wrong answer! You lose.
Coin Base: What?? But how come –
SEC: No. Should have followed the rules. I’ll see you in court.
Coin base: Real? Do we play it like this? OK. Good. Your ‘interpretation’ of the rules is not final – let’s take this to the actual rule makers.
SEC: Wait, let’s not get crazy here, we can…
Coin Base: Up-bup-bup. We have asked for clear definitions of the rules from the start, and you have not provided them. So how is this: we’ll see YOU in court.
*En scene*
Finally – if we had to summarize the purpose of this latest lawsuit in a few sentences, it would go something like this:
It’s pretty clear that SEC has made up its mind about what it considers “the rules,” but hasn’t shared it publicly. This lawsuit asks them to do that.
OK, that’s it! Now you know it 