SEC Sues Binance, Coinbase: ‘This Is Not the End of Crypto in the United States’- Ep. 504

Unchained

Laura Shin

News, Tech News, Business News

4.6 • 1.3K Ratings

🗓️ 9 June 2023

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

On Monday, it was Binance. On Tuesday, Coinbase. Electric Capital General Counsel Emily Meyers joins the show to read between the lines of an action-packed week for Gary Gensler’s SEC. Meyers lends her lawyerly eye to the key differences between the two lawsuits, the SEC’s potential strategy, and whether federal legislation will beat the courts in providing clarity. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform. Show highlights: why Emily thinks the SEC’s actions don’t represent the end of crypto in the U.S. what the similarities and differences are in the lawsuits against Coinbase and Binance why it’s fundamental to the SEC’s allegations that the court determines that at least one of the named tokens is in fact a security whether Coinbase and Binance will file motions to dismiss whether allegations against Binance are comparable to those against FTX whether Gary Gensler’s interactions with Binance in 2019 raise ethical questions about his involvement in the case why Emily thinks that Gensler’s approach to crypto is not aligned with the SEC’s mission to protect investors why the SEC allowed Coinbase to go public and is now suing them how the SEC sued Coinbase only after the exchange sued the agency first whether the Third Circuit will press the SEC to issue the rules that Coinbase has petitioned for why Emily believes that there’s not an effective path for crypto companies to properly register in the U.S. why the SEC has listed large-market-cap tokens such as SOL, ADA, and MATIC but has not gone after ETH Thank you to our sponsors! Crypto.com Copilot Money Proton Guest Emily Meyers, general counsel at Electric Capital Links Previous coverage of Unchained on the topic: The Chopping Block: Jake Chervinsky on How the SEC Has Lost Credibility These 2 Crypto Trading Platforms Agree With SEC Chair Gary Gensler Coinbase's Legal Action Against the SEC: How It Will Likely Unfold ‘Is ETH a Security?’ Why Gary Gensler Couldn’t Give Congress a Straight Answer Gary Gensler vs. Crypto: What Will the SEC Attack Next? Rep. Emmer on Why He Believes Gary Gensler Is a ‘Bad-Faith Regulator’ LINKS Unchained: SEC Sues Coinbase for Breaking Securities Laws SEC Files Motion to Freeze Binance’s Assets, Asks for ‘Sworn Accounting’ SEC Files 13 Charges Against Binance Including the Mishandling of Funds, Sale of Unregistered Securities SEC Calls Solana, Polygon, Algorand and Other Tokens Securities but Misses Ether in Binance Lawsuit US House Republicans Propose Bill That May Give Crypto Assets a Path to Becoming Commodities Coinbase Seeks to Compel SEC Response to Rulemaking Petition CoinDesk: SEC Seeks Temporary Restraining Order to Freeze Binance.US Assets Crypto Exchange Binance Says Gensler Once Offered to Be an 'Informal Advisor' Binance Redirected $12B to Firms Controlled by CEO Changpeng Zhao, SEC Says Fortune: Former Coinbase employee and his brother settle with the SEC, which again dodges proving whether cryptocurrencies are securities Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hi, everyone. Welcome to Unchained, your no-high pre-source for all things crypto. I'm your host,
0:08.6	Laura Shin, author of The Cryptopians. I started coming crypto eight years ago, and as a senior
0:13.9	editor, Forbes was the first necessary meter porter to cover cryptocurrency full-time. This is the
0:18.7	June 9th, 2023 episode of Unchained. If you've been enjoying Unchained and find the discussions
0:24.5	here, fascinating, mind-blowing, or, as crypto tends to be, downright bonkers, please share
0:30.1	this episode with a friend to keep the conversation going. Secure your crypto accounts with a secure
0:35.7	email service. Protonmail is end-to-end encrypted, meaning that no one, not even proton, can access
0:41.7	your emails. Go to proton.me-slash-lora. Co-pilot is a best-in-class, personal finance app,
0:48.8	for Mac and iOS, designed to give you a complete view of your financial life. Use code Unchained
0:55.0	for a free two-month trial, and get started today to see your money in a whole new way.
1:00.4	With the Crypto.com app, you can buy, trade, and spend crypto in one place. Download and get
1:05.8	$25 with the code Laura, link in the description. Today's guest is Emily Myers, General
1:12.8	Council at Electric Capital. Welcome, Emily. Hi, thanks for having me.
1:17.9	This week, the SEC sued both finance and Coinbase. What are your main takeaways about both of these
1:24.6	actions? Well, I think that there are a couple of things. One is, this is not the end of crypto
1:34.0	in the United States. These cases are going to take a very long time to play out in the courts,
1:41.6	and so there's a lot of water under those bridges to cover before we get to the result.
1:50.9	The second thing is this highlights the importance to engage on the legislative side.
1:59.1	There are proposals in Congress and a lot of congressional activity that we are not talking about
2:05.6	because we're talking about these two cases, and it's important to remember that courts are part
2:14.3	of the question of clarifying regulation of crypto in the United States, but they're not the only
2:21.3	piece. So now let's dive into the details of these two lawsuits. What is the SEC saying that
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