Today marks a pivotal moment for the cryptocurrency market as Coinbase faces the SEC in a significant court hearing. The outcome of this trial is crucial for altcoin investors and exchanges, as the SEC has alleged that Coinbase violated federal securities laws by listing certain tokens.
The SEC’s complaint, filed on June 6th, claims that several tokens listed on Coinbase, including Solana (SOL) and Cardano (ADA), are securities. This legal action follows the SEC’s move against two major crypto exchanges in what was expected to be a quiet week in 2023.
The verdict of this case could significantly impact the prices of major altcoins. Today’s hearing could determine whether we’ll see a protracted legal battle similar to the ongoing Ripple case.
Four potential outcomes of the hearing have been outlined by MetaLawMan, ranging from the judge dismissing Coinbase’s request to the possibility of the entire case being dropped if the judge finds the request prejudiced.
It’s noteworthy that Judge Failla, presiding over the case, is not unfamiliar with crypto-related legal matters, having experience in the Tether and Bitfinex case and ruling on Uniswap’s technology not being liable for customer losses, as well as classifying BTC and ETH as commodities.