It's Sunday, June 25th, 2023, and this is Markets Daily from CoinDisc.

I'm Adam B. Levine here again with your weekend story.

On today, sure we're digging into the SEC v. Coinbase, previewed in recent comments.

And just a reminder, CoinDisc is a new source and does not provide investment advice.

Today's featured story is an opinion piece by David Z Morris, CoinDisc's chief, Insights columnist.

Our piece today is entitled Coinbase Policy Chief Shurzad squares off with SEC Enforcement Director Grawal.

On the morning of June 16th, in this undoupled 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, or SEC, versus Coinbase, months early,

albeit slightly more polite and vague than things will be in any coming court showdown.

The fireside chat, sponsored by Rutgers School of Law and the law firm Lowenstein-Sandler,

ranged well beyond legal formalities to matters of principle and theory.

The latter included questions of why, or whether, cryptocurrency should

be allowed to exist in the United States at all. In the end, the forum encapsulated the broader

challenge of the crypto-regulatory dialogue, which is how frequently the two sides seem to be

talking past each other. In one corner was SEC Director of Enforcement Grbeer Eskerwal,

who laid out his rationale for the SEC's

enforcement suit against Coinbase in conversation with the Rutgers Law Professor.

Grouwal characterized the suit as the logical endpoint of a series of clear signals sent over the

past five years or more, starting with the 2017 Dow Report.

Quote, in any other space, if you're working incrementally, you'd see increased compliance,

Grwall observed.

...