🏦 Coinbase Wallet triumph over SEC allegations is a ‘giant win’ for DeFi

A U.S. judge has determined Coinbase’s self-custody crypto wallet doesn’t make it a broker, which lawyers say is a “significant setback” for the SEC and a boon for DeFi.

U.S. District Judge Katherine Failla on March 27 denied Coinbase’s bid to dismiss a Securities and Exchange Commission’s lawsuit, finding the SEC “sufficiently pleaded” Coinbase was unlicensed and its crypto staking offering was unregistered securities.

Good for the crypto ecosystem 👍