According to CrowdfundInsider, Coinbase Chief Legal Officer Paul Grewal confirmed through social media that Coinbase has responded to the U.S. Securities and Exchange Commission (SEC)'s action to block "reasonable evidence" from SEC Chairman Gary Gensler. Grewal emphasized that democracy and due process die in darkness, and thanked the court for its careful consideration of the matter.
Coinbase cited the recent Binance BNB token precedent in its official SEC filing, noting that the SEC has taken a novel and broad view of securities laws, but it remains uncertain. Coinbase now appears to be taking advantage of the momentum of the recent ruling by U.S. Judge Amy Jackson in the SEC v. Binance case, emphasizing that secondary market BNB token sales may not meet the definition of securities sales.
