This article is the final part of a three-part series. We suggest reading parts one and two for context.
As The Wall Street Journal highlighted in a recent article, Coinbase’s argument around their successful IPO presents a “novel” defense in court. As most of us are aware, when Coinbase went public, it had already listed several of the “problematic” tokens listed in the SEC lawsuit, yet the SEC greenlighted its IPO all the same.
In a Bloomberg op-ed, Matt Levine argued that the SEC’s role in approving public listings does not look into a company’s business model. The SEC assesses the disclosed risks of the business model, not whether any securities the business offers customers are done so legally, according to Levine.
Interestingly, however, Levine highlighted that “Coinbase went public three days before Gensler was sworn in at the SEC; he was just a bit too late to stop the IPO,” suggesting the current SEC Chair may not have approved the listing had it been delay
We współpracy z: https://cryptoslate.com/op-ed-why-the-sec-should-stay-away-from-crypto-part-iii/
