The lawyer spoke James Murphy In a series of tweets recently, about why he believes that US Securities and Exchange Commission (SEC).you will lose if you resort to the courts regarding Coinbase.
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Where founded Murphy law firm Murphy & McGonigle In 2010, to represent clients in the securities and banking sectors, and in 2017 the company headed towards representing emerging companies that benefit from technology blockchain.
On the other hand, the lawyer referred to a notice Wells Noticea formal communication that usually precedes a lawsuit, he said:
“If the SEC continues its threat to sue CoinbaseI think the commission will lose, as the case brought by the commission has a fatal flaw, and the problem is entirely a mistake. Gary Gensler which he himself committed.”
As explained Murphy Murphythe Chairman of the Securities and Exchange Commission Gensler Gensler Himself, in his congressional testimony on May 6, 2021, said that the SEC does not have the authority to regulate cryptocurrency exchanges.
Certificate came Gensler After being confirmed by the US Senate on April 14, 2021, to serve as Chairman of the Securities and Exchange Commission, he was sworn in on April 17, 2021.
It is worth noting that if the Securities and Exchange Commission filed a lawsuit against CoinbaseThe cryptocurrency exchange’s legal team will certainly focus on communications within the authority, up until Gensler’s testimony on May 6, 2021, where Murphy stressed:
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“So there will be emails, meeting notes, memos, text messages, and conversations that show:
There has been a consensus within the SEC that it lacks the legal authority from Congress to regulate cryptocurrency exchanges.”
“And if they file a lawsuit against Coinbase, the SEC lawyers will have the unenviable task of trying to interpret their boss’s testimony before Congress.
With all the documents and discussions that have taken place within the SEC… it is a very embarrassing prospect for the SEC.”