Marisa Tashman, policy counsel at Blockchain Association, analyzes the US Securities and Exchange Commission’s (SEC) decision to name nine tokens as securities and investigate whether Coinbase lists securities. Show highlights: 

• why the SEC named tokens as securities in an insider trading case where no exchanges or token teams are listed as defendants 
• what happens if the Coinbase insider trading case is settled or goes to court
• why the SEC’s actions should be considered “regulation by enforcement” 
• whether there is any process to force the SEC to reveal its reasoning for calling a token a security
• why Marisa thinks the SEC is actively harming US investors with its crypto policy
• how Coinbase is handling the SEC’s investigation
• what Marisa thinks of Coinbase’s listing process
• why the Cynthia Lummis-led crypto regulatory framework is a good start
• what Marisa believes will happen in the crypto regulatory landscape in the near future

Thank you to our sponsors!

1inch: https://1inch.io/

Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021 

 

Episode Links

 

Marisa Tashman

• https://twitter.com/mtash

 

Blockchain Association

https://theblockchainassociation.org/ 

 

Coinbase

• SEC investigation into listing unregistered tokens: https://www.bloomberg.com/news/articles/2022-07-26/coinbase-faces-sec-investigation-over-cryptocurrency-listings

SEC insider trading case: https://www.sec.gov/news/press-release/2022-127

Coinbase does not list securities blog post: https://blog.coinbase.com/coinbase-does-not-list-securities-end-of-story-e58dc873be79 

Coinbase petition: https://www.sec.gov/rules/petitions/2022/petn4-789.pdf 

 

SEC Regulation by Enforcement Response

• CFTC Commissioner: ​​https://twitter.com/CarolineDPham/status/1550159347984044033

Lindsay Lin: https://twitter.com/lindsayxlin/status/1552320370019106822?s=21&t=4OaAjw3r8NlH23ppWiVK1w 

Jake Chervinsky: https://twitter.com/jchervinsky/status/1550515627961589762?s=20&t=gGwDPAJzZXSu6Gwc9agDOg 

Hester Peirce: https://www.coindesk.com/policy/2022/05/03/hester-peirce-pushes-back-against-secs-plans-to-nearly-double-crypto-enforcement-staff/ 

Matt Levine: https://twitter.com/matt_levine/status/1550202036570017792?s=20&t=e1g8U-V4K_ixd1vJoRc9gA 

Chair Gary Gensler wanting crypto exchanges to register as securities exchanges: https://www.bloomberg.com/news/articles/2022-07-28/sec-chair-gensler-hardens-line-on-crypto-exchange-registration?sref=m9L277rN

https://twitter.com/garygensler/status/1552700562533236739?s=21&t=mNENJd2qeQYkeFFdZqWUPA

 

Gillibrand x Lummis Crypto Regulatory Framework

https://www.gillibrand.senate.gov/news/press/release/-lummis-gillibrand-introduce-landmark-legislation-to-create-regulatory-framework-for-digital-assets 

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