News Summary

• If and when the case advances, the outcome could mark an important precedent in U.S. crypto regulation.If the court sides with Coinbase, it could significantly hamper SEC Chair Gary Gensler’s attempt to regulate the crypto business through various enforcement actions..
• New York financial firms would move jobs overseas if the U.S. grants the ind (Scott Eells/Bloomberg via Getty Images / Getty Images)GET FOX BUSINESS ON THE GO BY CLICKING HERECoinbase is not the only case that could have a significant impact on the SEC’s ability to regulate crypto..
• Doing so would significantly scale back the regulatory power of federal agencies like the SEC and could further restrict Gensler wielding power over the crypto industry..
• (Photo Illustration by Jonathan Raa/NurPhoto via Getty Images / Getty Images)The crypto industry, for its part, says the current SEC registration process doesn't cater to the nuances of blockchain technology, and it's therefore impossible for them to simply "come in and register" their products..
• In July, the crypto industry was handed a partial victory when U.S. Southern District Judge Torres ruled that the token XRP was not sold as an illegal security when it was traded between retail investors on exchanges..
• In August, another southern district judge, Jed Rakoff, known as the dean of securities jurists, sided with the SEC and ruled that Terraform Labs' LUNA and MIR tokens were indeed unregistered securities..