VP legal @coinbase; fmr GC Citadel Securities, SEC Senior Advisor, White House Atty | law, politics, crypto and Duke basketball (not necessarily in that order)
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When @iampaulgrewal brought me to work on this case, I knew the stakes were high and the outcome was binary. Not all legal teams get to fight such a consequential battle. Even fewer get to win one. Grateful for the incredible work of @coinbase’s litigation army and that @brian_armstrong, @emiliemc, @iampaulgrewal – and the whole company – get to celebrate being on the right side of history. A new chapter in crypto begins today.
"Case dismissed." Two words that every defendant in every case yearns to hear. Today we can announce upon full Commission approval @SECGov is dropping our case. There will be no settlement or compromise-- a wrong will simply be made right. 1/4
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The @SECGov under Chair Gensler has now lost 4 of 5 challenges to its rules. More defeats than the 3 prior Chairs COMBINED.
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Another good example is the fact that over 50% of @secgov’s record year in monetary sanctions comes from a single case (Terraform - $4.4BN) that will likely never get collected.
The @WSJ article flagging $10BN in uncollected @secgov fines is a good example of why fixating on enforcement stats can create the wrong incentives (and be misleading). FWIW, if you’re going to focus on a number, look at amount returned to harmed investors -- record was in 2019 ($1.2BN).
Kudos to @davidamichaels for his reporting on the topic:
wsj.com/finance/regulation/s…
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The more we pull, the more @AGDanRayfield's story starts to unravel. We've now learned:
➡️The same NY law firm that he hired in 2025 (after donating to his campaign) also donated to his predecessor, and was secretly hired to investigate @coinbase in 2023.
➡️Here's the kicker - the law firm would only get paid if the AG sued @coinbase. Is it any surprise Oregon later filed? No wonder Oregon stands alone - the only state bringing these charges against CB.
Nothing fair, impartial, or transparent about that closed-door arrangement. Govt officials should act in the public interest, not in the financial interest of their out-of-state donors.
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More detail on @Coinbase’s win today in the SEC enforcement case. TL;DR - One more step on the path to clarity.
➡️Last April, we requested permission to file an “interlocutory appeal,” or an early appeal. Today, Judge Failla granted our motion and paused the entire case until the Second Circuit Court of Appeals makes its decision whether to hear our appeal. This is a big deal -- it’s rare for a district court to grant such a motion.
➡️Now we’ll ask the Second Circuit to approve our request, which -- if granted -- would present an opportunity for appellate judges to hear and address the legal issues in our matter, which broadly impact the crypto industry. In reaching her decision, Judge Failla recognized the “fundamental difficulty of applying Howey to crypto transactions.”
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Looks like someone wants to out-Gensler Gary. The Oregon AG intends to charge us with securities violations despite: 1) @SECgov dismissing the same lawsuit (with prejudice!), 2) 50+ million Americans owning crypto, and 3) Congress advancing bipartisan crypto legislation. 1/2 @coinbase
Today the Oregon Attorney General is resurrecting the dead by bringing a copycat case of @SECGov's enforcement action against Coinbase. As a reminder, the SEC dismissed that case with prejudice. This type of political jockeying is an embarrassing waste of Oregon taxpayer dollars. 1/4
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The @WSJ article flagging $10BN in uncollected @secgov fines is a good example of why fixating on enforcement stats can create the wrong incentives (and be misleading). FWIW, if you’re going to focus on a number, look at amount returned to harmed investors -- record was in 2019 ($1.2BN).
Kudos to @davidamichaels for his reporting on the topic:
wsj.com/finance/regulation/s…
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Respectfully disagree – I don’t expect any of these moves to stifle incoming Chair Atkins or sustain the unjust war on crypto. Here's why:
1) The Chair controls the enforcement agenda
2) All three hires will report to the Enforcement Director, who directs which matters are pursued
3) The Chair and ENF Director will decide what to do with the crypto unit (including whether it should still exist)
SEC Chair Gensler Pulls Off The First Reverse Saturday Night Massacre . . .
It looks like former SEC Commissioner Paul Atkins will be the next SEC Chair. A phenomenal choice.
But meanwhile, current SEC Chair Gary Gensler is quietly working behind the scenes to lead the SEC from the grave. Along these lines, Gensler just promoted three of the best, brightest, experienced and most dedicated crypto-enforcement lawyers in SEC ranks to senior executive positions —running the SEC’s Trial Unit and running the SEC’s Crypto Unit.
Interestingly, the SEC has not publicly announced these promotions and seems to be keeping them quiet (which is unprecedented). But these well-deserved promotions are a done deal.
The Stark reality is that it looks like the crypto-fight is on post-January 20th. So get ready for World War III on day one Chair Atkins, because these three crypto-enforcement lawyers, who are now in charge, are some of the best in the business and will not roll over easily.
Fail not at your peril Big Crypto because the SEC has not quite given up yet.
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A privilege to appear before @SenateBanking as they begin work on bipartisan market structure leg for digital assets - less than a week after passing the GENIUS Act in a historic bipartisan vote! 1/3
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In case you were wondering if @coinbase's litigation team takes the summer off: we don't do beach days, we do breach days. We allege BSO violated its lease and then kicked us out of a data center to clean up its mess. We appreciate the court’s consideration:
assets.ctfassets.net/sygt3q1…
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Regulation by enforcement isn’t a legal philosophy, it’s a political one. It failed the first time, and will fail again. The definition of insanity is doing the same thing and expecting a different result. Time to dust off the playbook… 2/2 @coinbase
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The Supreme Ct previously flagged concerns about govt forcing 3rd parties to surrender “detailed, encyclopedic, and effortlessly compiled” info with “the click of a button.” Privacy is a bedrock of not just @Coinbase & crypto, but our democracy. We’ll keep fighting for our users.
The third-party doctrine says that any time you voluntarily share info with a third party you have no reasonable expectation of privacy whatsoever. Today @coinbase filed an amicus brief with the US Supreme Court to right this wrong. 1/3
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This week in crypto law, a 🧵 -- Top of mind is a huge win for @Coinbase and our customers when a Judge denied BiT Global’s demand to block our delisting of wBTC. Important for platforms to maintain their ability to protect customers. Monumental effort by the CB lit team and @WilmerHale. 1/5
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Quick update from @SECGov Task Force roundtable - @milesjennings debunked @JohnReedStark claim that the SEC has “won” all its cases against crypto companies. He correctly noted that (1) there have been several contradictory rulings, and (2) the SEC hasn’t “won” a single case related to secondary trading. In that vein, its wins have only been on motions to dismiss - not the case itself.
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This is a win for our customers, our platform, and our industry. @coinbase remains committed to serving as the most trusted crypto exchange and today’s decision allows us to continue doing just that.
BiT Global lost. Today they asked the Court to order us to stop from delisting wBTC to protect our customers. Today the Court said no. We appreciate the Court’s consideration and the outstanding advocacy of Sonal Mehta and her team at @WilmerHale.
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Often lost in debates re crypto is the fact that: 1) when it comes to illicit finance, cash remains king (see @WSJ article below); and 2) the transparency/traceability of blockchain helps detect/deter such activity. Yet another reason to embrace, not encumber, this technology.
Chinese money launderers appear to have moved some $312 billion in illicit transactions through U.S. banks and other financial institutions in recent years to aid Mexican drug cartels and other criminals, the Treasury Department said on.wsj.com/4oUXA5h
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"This issue has never been more potent and more bipartisan. The successes of the crypto voter are unmistakable. But we are not done. We are on the one yard line." Thank you @JennSanasie, @CoinDesk, and @StandWithCrypto for letting me join today's Crypto Day of Action. It's time to get bipartisan market structure legislation across the finish line.
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SEC v. Dragonchain - In the @SECGov action against Dragonchain (alleging DRGN is an unregistered security) the court granted Dragon’s request for a 90-day pause bc of the new crypto EO & the SEC’s new crypto task force. SEC took no position on Dragon’s request, potentially a sign it’s reconsidering its crypto enforcement strategy. (2/4)
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Great to see @SECGov confirm what @coinbase & others have long known: Staking as a Service is NOT a security. Begs the question: will the 5 states with staking lawsuits continue in the face of such clear guidance from the fed securities regulator? Let's hope reason prevails.
🚨NEW: The @SECGov Division of Corporation Finance has clarified that certain proof-of-stake blockchain staking activities are not securities transactions.
The new guidance, following on from March guidance on certain proof-of-work mining activities, includes self-staking & staking-as-a-service, plus added services like slashing protection/custom rewards.
Commissioner Hester Peirce, who spoke this morning at @TheBitcoinConf, says “providing security is not a security.”
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Did @AGDanRayfield have the authority to bring his meritless case against @Coinbase? TL;DR: No. He tried to dust off a two-decades-old statute that has never before been used to bring a securities suit. So we moved to dismiss his case. We thank the court for its consideration.1/2
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Amazing result, and amazing work by the team. The fight continues...
Over the strenuous objection of @SECGov, Judge Failla has GRANTED our motion for leave to pursue an interlocutory appeal and STAYED the district court litigation. We appreciate the Court's careful consideration. On to the Second Circuit we go.
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We’re asking the 2nd Circuit to answer the most critical legal question surrounding the treatment of digital assets. As Judge Failla said, there is “fundamental difficulty” in applying the Howey test to crypto. This is so much bigger than @Coinbase. The fight continues!
Today we asked the Second Circuit to take on our interlocutory appeal. Decades of appellate precedent confirms that an “investment contract” requires something contractual. The Circuit can provide some urgently needed guidance on this foundational question of law. 1/5
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We asked @AGDanRayfield for info about the origin of his @Coinbase lawsuit. Here is what we got:
➡️ @AGDanRayfield claimed he had nothing to do with hiring out-of-state law firms (who donated to his campaign) to litigate the case.
➡️ BUT documents we obtained shows his office DID hire those firms in April 2025.
Oregonians deserve the truth, so the fight for transparency continues. 1/2
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.@coinbase seeks to move the OR AG’s lawsuit to federal ct bc the case is fundamentally about federal law. The AG would undermine recent bipartisan progress towards crypto clarity by creating a patchwork of state regulations that harms consumers, innovation, and economic freedom.
It's time to move forward with clarity, not backward into chaos.
.@Coinbase is pushing back against @ORDOJ's lawsuit alleging sales of unregistered securities, asking a federal court to take over the case and calling the suit a “regulatory land grab” undermining federal crypto clarity. By @thesamreynolds.
trib.al/zlJk2WY
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USA v. Storm - In the crim proceedings against Roman Storm re: Tornado Cash, the Electronic Frontier Foundation filed an amicus supporting Storm’s motion to reconsider his request to dismiss the charges against him. EFF argues the Van Loon decision requires dismissal as a matter of law, and for due process and lenity reasons, given that both cases involve the same underlying service. (3/4)
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Important words from @brian_armstrong. The fight continues, with a little more wind in our sails. Progress is inevitable - too much at stake. @coinbase
FYI: 5 states still holding on to a bogus theory on crypto staking, harming residents of those states, after the federal government has provided clarity. We will keep fighting for your rights.
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An open door policy is a crucial part of industry engagement, but to do that credibly, it can't be followed immediately by a Wells notice (that's devoid of any explanation of wrongdoing).
Immutable has received a Wells notice from the SEC, the latest in their de facto policy of regulation by enforcement. We received this within hours of our first ever conversation, on a timeline clearly accelerated to land before an election.
Sadly, stories like this are becoming less surprising each time. We’ve seen an increasing number of companies like @Coinbase, @Consensys, @Uniswap, @OpenSea, @cryptocom face SEC escalations, many in the last two months. With this latest move against Immutable, the SEC’s overreach continues and expands into gaming.
Immutable is well capitalized with a large war-chest to build for the future of gaming, and if needed, we will stand up and fight to defend digital ownership for gamers. But the SEC’s approach hinders every startup trying to innovate in an already difficult industry. Read our full statement here: immutable.com/blog/defending…
Under the current administration, the SEC has filed (and lost) a string of lawsuits, seeking to regulate crypto via enforcement rather than policy.
Last year, Ripple won a “landmark victory” where Judge Torres found that XRP was not a security. After publicly stating Ethereum was a commodity, the SEC secretly opened an investigation into ETH. They shut this investigation down after Consensys sued them to defend Ethereum’s ecosystem in June of this year. Last year, Grayscale sued the SEC to open the floodgates for institutional adoption of crypto. They won, with the court finding the SEC’s denial of Grayscale’s proposal "arbitrary and capricious.” In recent weeks we’ve seen the SEC’s overreach continue to expand with the livelihoods and freedoms of musicians, artists and other content creators now under threat in light of the SEC’s move against NFT platform OpenSea.
The industry desperately wants clear guidelines for compliance, and instead companies are forced to spend millions of dollars in legal fees to even get off the ground. At the end of the day, this hinders the many companies in crypto trying to build real products.
Immutable has been building since 2018 to bring digital ownership to the $110B+ of in-game items sold each year - we are not here to play short-term games. It’s business as usual for our team, products and services. We are confident in our position, in the value digital ownership can bring to 3.1 billion gamers across the world, and in the power of blockchain to create a better internet. If required, we will fight for these rights, and those of our industry, vigorously.
In the words of dissenting commissioner Hester Peirce: “Leaving crypto to be addressed in an endless series of misguided and overreaching cases has been and continues to be a consequential mistake”.
Until that changes, we will fight for game developers, players, and creators for digital ownership.
And we will keep building.
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Despite recent progress (@SECgov case dismissed with prejudice, Crypto Task Force, bipartisan work on legislation), staking is still at stake. A handful of states are working to prevent staking, costing their residents tens of millions in missed rewards. My take here: coinbase.com/blog/High-Stake…
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A win not just for @coinbase - but for users and the industry. We will always fight to protect our standards and our customers.
And there it is. BiTGlobal just dismissed – with prejudice– its contrived lawsuit over our decision to delist wBTC. This important win affirms our clear right to manage security and risk for @coinbase users. 1/3
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In response to our revelations, @Oregonian asked @AGDanRayfield about his decision to hire an out-of-state campaign donor to litigate the case -- one who would only get paid if the state sued @coinbase. His silence is deafening:
Coinbase says Oregon DOJ’s contract with outside law firm created incentive to sue oregonlive.com/politics/2025…
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Always important to hear the other side of the story before jumping to conclusions. Our brief lays out the rationale for the delisting and why BiT Global is wrong as a matter of fact/law – and certainly not entitled to emergency relief.
We've filed our response to BiT Global’s effort to stop our delisting of wBTC before any discovery or even formal response to their bogus claims. We lay out why this lawsuit lacks any semblance of merit and why their request for a TRO should be denied. You can read it all for yourself, but the introduction says what needs to be said: 1/3
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Another @coinbase win to close out the week. The court rightly saw through @SECGov’s delays and ordered them to comply or face sanctions. A rare rebuke that isn't done lightly. I’m hopeful new leadership will see the light and embrace our push for transparency.
Even in a new time, old habits can persist. Great news just now in our @SECgov FOIA case--the court dropped her judicial hammer. Tl;dr: comply with our FOIA requests or face potential sanctions. Given the positive momentum we've been seeing with new SEC leadership, we're confident the public will ultimately get the transparency it deserves. 1/3
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What OR AG @DanRayfield calls “malicious,” @coinbase calls transparency. Oregonians deserve to know why the state changed its stance and now seeks to ban its citizens from trading crypto. Complying with public record requests isn’t malicious, it’s the law.
oregoncapitalchronicle.com/2…
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The more things change, the more they stay the same. If @FDICgov won’t embrace transparency willingly, @coinbase will keep doing it the hard way (in court).
Yet more late Friday night FOIA documents from @FDICgov. They removed a few redactions, produced a few more documents, and promised yet another "renewed search" for other documents. Much too little, much too late. We need full transparency into Operation Chokepoint 2.0 and we need it now. 1/2
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Thrilled to be joining @SenLummis and @SenRubenGallego this afternoon for a historic moment as the Banking Comm undertakes the critical - and urgent - issue of comprehensive crypto market structure. Anyone focused on the future of finance should tune in at the link below. 1/2
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Never a dull moment in crypto lit. This is a big deal for two reasons: 1) it reaffirms that staking services are not securities, and 2) it recognizes such decisions are best left to the federal govt. The road to clarity continues to get paved. Lets hope legislation soon follows.
Today the State of Vermont dismissed its action against @Coinbase regarding staking services. As we have always said: staking services are not securities. We applaud Vermont for embracing progress and providing clarity for its citizens who own digital assets. 1/3
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New🧵for the New Year: here’s what I’ve been watching in crypto law over the holidays. The big one: the District Court granting @coinbase's request to pursue an interlocutory appeal in our SEC litigation. A rare result and an important next step for clarity. 1/5
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The fight for transparency continues. Shame that @coinbase needs to keep litigating this issue against @FDICgov, but thankful the court continues to recognize their deficiencies and the need for judicial oversight. Still more pages to turn with this story.
And there it is — the stay in our @FDICGov FOIA case is lifted. Game on. While we prefer to do this outside of the courts, we're not backing down until we get transparency for the 52 million Americans who own crypto.
We thank the Court for its careful consideration.
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A few initial observations from @SECGov’s second crypto roundtable:
- No discussion about Howey yet (and what is/isn’t a security)
- Panelists agree that much of Reg NMS shouldn’t necessarily carry over to digital securities trading.
- Unique elements of crypto (global trading, distributed ledger, etc) suggest a refreshed look at securities rules/regs more broadly
- Investor protection is of paramount importance
- One open question: much of the conversation implicitly addresses spot trading involving digital commodities. Shouldn’t the @CFTC be part of the discussion?
Hat tip to @coinbase’s @GregTusar for his compelling comments on the panel (I’m a bit biased).
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Today's filing is further proof of our philosophy - you don’t feed the beast; you fight it. Another proud day to litigate @coinbase
So that there's no confusion about the @coinbase approach to patent extortion, allow me to confirm how we do things: we don't pay out bogus claims, we sue you instead. Today was an example of that. 1/3
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Recurring theme by crypto skeptics at the @SECGov roundtable that needs to be addressed - just bc an item is purchased for an investment purpose doesn’t mean it’s a security. Bitcoin and gold are often purchased for investment - but no one claims they are securities.
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Last week, I told a bipartisan group of senators the time to legislate on crypto was yesterday. OR AG trying to turn back the clock is precisely why that's necessary. Enough is enough - customers and innovators deserve a clear, comprehensive regulatory framework. @coinbase
In most place it's 2025. But the Oregon AG still thinks it's 2023 with his Gensler-era @secgov copycat suit. Yesterday he asked the federal court to send the case back to his home state court. This pursuit of a patchwork of state regulation - especially against the historic progress towards a unified federal framework - only helps politicians and harms consumers. 1/2
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Something new: starting tomorrow, I’ll be sharing a regular “crypto litigation roundup” on the most important crypto cases happening in courtrooms across the country. Developments move fast in crypto, so consider this your litigation digest. More tomorrow! 🗓️
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Thank you, @SenLummis, for your leadership. I'm grateful we share the same commitment to delivering market structure legislation ASAP. As I said at the hearing you and @SenRubenGallego convened: the time to act was yesterday. 1/2
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Looking forward to another great @DAatDuke event, with another set of exceptional speakers, including @DanGallagherDC
Our next announced speaker is @RVanGrack of @coinbase.
We're really excited to hear his thoughts on regulation and its impact centralized exchanges.
Be sure to get your ticket!
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And then there were 5! AL joins the flurry of states dismissing staking cases against @coinbase. That leaves only 5 holdouts seeking to prevent staking - in stark contrast to the rest of the country. It’s time to move beyond state-by-state patchwork & finalize a fed framework for crypto.
We're halfway there: Alabama just dropped its enforcement action against @coinbase – cutting the number of states with misguided staking suits in half in just two months. 1/3
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Lost in the shuffle last week was @SECGov enforcement results. The biggest surprise: ENF actions are DOWN 26%. I suspect it's because 1) SEC (despite having some of the best lawyers in gov) spent a disproportionate amount of time on fewer, more time-consuming, and misguided efforts (war on crypto); and (2) firms stopped settling and started fighting, drying up the numbers.
What's your theory?
sec.gov/newsroom/press-relea…
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NJ crypto owners have missed out on ~$12M since the state effectively banned @coinbase staking in 2023. Tonight’s rally is a chance to make your voice heard about the damage this ban has caused, alongside legends @bigsean and @070shake.
coinbase.com/blog/High-Stake…
Just announced: @BigSean will headline our New Jersey rally with @070shake this Thursday.
NJ is home to over 65K SWC advocates, and in a hotly contested election like the upcoming primary, they could determine the future of the governorship.
RSVP: standwithcryptonj.splashthat…
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Glad to see crypto antagonist @Johnreedstark admit defeat and realize the war on crypto should end. I hope this means we'll see a more nuanced view of the industry going forward — from @SECGov and other former critics. Welcome to the right side of history!
SEC Chair Gensler should resign. The SEC staff should prepare a spreadsheet of all crypto-related investigations, litigation and rule-making, so the new Chair can swiftly grind them all to a screeching halt. Like it or not, the people have spoken and their will must be respected.
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Encouraging to see uniform agmt among panelists (@CFTCbehnam, @xethalis, @FinanceHammer) & bipartisan urgency among Senators (@SenatorTimScott, @SenatorHagerty, @Sen_Alsobrooks, @berniemoreno,@SenMcCormickPA) regarding the path for clear, comprehensive rules of the road. 2/2
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And then there were 3! Another win for consumers as KY dismisses its staking lawsuit against @Coinbase (joining VT & SC). This was a commonsense decision both legally (aligning with @secgov) and practically (empowering consumers to receive staking rewards). Lets hope the few remaining states also see the light.
@GovAndyBeshear’s Department of Financial Institutions has followed suit by dismissing Kentucky's staking lawsuit against @coinbase-- just as Vermont and South Carolina recently did. Congress needs to end this litigation-driven, state-by-state approach with a federal market structure law ASAP. 1/2
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Huge credit to @HesterPeirce for acknowledging the harmful effects of a regulation by enforcement regime (and the impropriety of @SECGov’s prior action against @coinbase). Compelling words for why we need regulatory clarity:
“The American public suffered because environments in which the law is unclear are havens for bad actors and hostile territory for law-abiding people legitimately trying to solve society’s problems and meet its needs.”
sec.gov/newsroom/speeches-st…
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This week in crypto lit, here’s what I’ve been watching: TOM is @krakenfx's successful effort to preserve two of its affirmative defenses in its @SECGov matter -- that the SEC’s shifting treatment of crypto created fair notice & due process concerns. In finding these defenses appropriate, the judge cited the 3d Circuit’s @coinbase decision. (1/4)
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Not all theories are conspiracies. Vindication of @coinbase's efforts to doggedly pursue the truth -- through FOIA, lawsuits, and testimony (from @iampaulgrewal )
We were right. The previous @FDICgov leadership lied to us all. There were many, many more pause letters. We are reviewing now--and so can you (link in thread). THANK YOU ACTING CHAIRMAN HILL.
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Further proof that crypto remains the most bipartisan issue in this country. A great day to work @coinbase.
Huge bipartisan vote on the CLARITY Act, with 78 Democrats joining 216 Republicans to advance regulatory clarity, protect consumers and make the US the world leader in the next generation of consumer-led financial innovation. This is historic, and gives us huge momentum in the Senate.
So proud of the @coinbase Policy team for helping educate members and be the voice of our amazing community.
Huge thanks to @POTUS @SpeakerJohnson @SteveScalise @GOPMajorityWhip @RepFrenchHill @CongressmanGT @RepBryanSteil @DustyJohnson @RepAngieCraig @RepJoshG @DonDavisNC @RepRitchie and the outstanding staff on both sides of the aisle for making this result possible.
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Another important win for transparency. But this string of victories should not desensitize us to the magnitude of the ruling. Very rare for a court to explicitly call out a govt agency for acting in bad faith. It begs the question - what are they concealing?
JUST IN: Judge Reyes ruled that FDIC didn't do what it was ordered to do. "The Court is concerned with what appears to be FDICs lack of good-faith effort in making nuanced redactions. Defendant cannot simply blanket redact everything that is not an article or preposition." 1/3
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This week in crypto lit, here’s what I’ve been watching. TOM: @SECgov continues to undo its reg-by-enforcement approach, agreeing to abandon yet more crypto registration cases. @Consensys, @krakenfx , and @CumberlandSays announced their cases will be dismissed, and the SEC is closing its investigation of @Gemini. (1/5)
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Important words from an appellate court judge. Entirely on point:
As @RVanGrack would say, pure poetry: "Sporadically enforcing ill fitting rules against crypto companies that are trying to follow the law goes way beyond fighting fraud. It targets a whole industry and risks de facto banning it. On remand, the SEC must grapple with that problem." nitter.app/iampaulgrewal/status/1…
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And then there were 4! Illinois’s decision to drop their staking case reinforces that crypto is not about red or blue states - it’s about economic freedom/oppt. Credit to Illinois for joining the 40+ states that don’t take issue with staking. Lets continue to hope the remaining hold-outs see the light. @coinbase
Illinois is the latest state to dismiss its staking case against @coinbase. These dismissals by both Ds and Rs – first by Vermont and South Carolina, then by Kentucky, and now this– confirm that sensible crypto regulation is not a blue issue or a red issue. It's an American issue. And entirely in line with the bipartisan support for stablecoin and market structure legislation in Washington.
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Who is the best CMO? This @FastCompany article proves it's @coinbase 's own @kate_rouch. Her "shit sandwich" line is priceless. So lucky to have her on the team.
Appreciated my talk with @jeffcbeer of @FastCompany re: Coinbase's brand strategy, and our newest campaign. He's a thoughtful guy. Enjoy!
----
Rouch says that crypto investors are predominantly young because when it comes to the economy, “they have been handed a shit sandwich,” thanks to issues like unaffordable housing and historic levels of debt...
...They’re adopting crypto because they see the fundamental failures of the existing system, and they are demanding a different way forward. And we as a brand have an opportunity to stand up for them.”
fastcompany.com/91231740/for…
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Most critical takeaway: Crypto remains the most bipartisan issue in Congress.
The GENIUS Act has passed its first big procedural hurdle, with 16 Democrats joining Republicans on the vote. Many steps to go, but a historic early win on the road to getting a stablecoin bill enacted into law. Crypto is again showing that it’s the biggest bipartisan issue in play on the Hill. Massive thanks to @SenatorTimScott @SenatorHagerty @SenLummis @SenGillibrand @RubenGallego @MarkWarner - as well as @davidsacks47 and @BoHines - and others for putting in the hard work to get it done.
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It shouldn’t surprise anyone following this matter that BiTGlobal’s complaint fails to allege even the most rudimentary elements of its meritless claims. It is critical that @coinbase maintains the freedom & flexibility to protect its platform, and its customers.
Last month we defeated a bogus request for a court order that we keep listing a token no longer meeting our listing standards. Today @Coinbase moved to dismiss BiTGlobal’s spurious lawsuit entirely. 1/3
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Tune in tomorrow at the link below - I'm looking forward to it! 3/3
banking.senate.gov/hearings/…
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More sunlight ➡️more transparency ➡️ more accountability ➡️ less likely to recur. @coinbase won’t stop fighting for its customers and the industry.
There are new docs from @SECgov now live in our FOIA Reading Room 📷 We now know Gensler had an "impromptu" mtg about ETH ETPs mere weeks before they were approved. But what was said, and why did the SEC continue to investigate ETH as a security even after approving ETH ETFs? 1/2
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An important example of why government transparency - and efforts to demand such transparency - are absolutely critical. Would never have learned of the @FDICgov 's efforts to prevent basic BTC transactions absent our lawsuit.
We finally got the unredacted OCP 2.0 letters from @FDICgov. It took a Court order but you can now read them for yourself below. They show a coordinated effort to stop a wide variety of crypto activity — everything from basic BTC transactions to more complex offerings. 1/3
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Another win for transparency ✅But there’s still a long way to go.
Proud to be a part of the team shedding light on this effort - sunlight remains the best disinfectant!
Re: the letters that show Operation Chokepoint 2.0 wasn't just some crypto conspiracy theory. @FDICgov is still hiding behind way overbroad redactions. And they still haven't produced more than a fraction of them. But we finally got the pause letters: downloads.ctfassets.net/c5bd… 1/3
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I'm encouraged to see the House & Senate prioritizing this issue, and to see lawmakers from both parties working together. Customer protection, innovation, & econ oppt transcend party lines. 2/3
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Those who fail to learn from history are doomed to repeat it. Great to have @RepTimmons joining @coinbase’s fight for transparency.
Thank you @RepTimmons — we’re glad to have more people in our corner on this important cause. Americans need to know exactly what happened or else it will happen again.
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Incredible update from @maxbranzburg. Proud to be back on top, and part of the @coinbase team.
Exciting to see @coinbase back at #1
Lots of hard work over the last few years when many people thought crypto was dead
Proud of all the builders 💪
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Worth taking a moment to recognize that crypto has become a rare bipartisan issue: ~100 Ds joined Rs to support last week’s CRA, and nearly a majority of Ds joined Rs on Senate Banking to advance the stablecoin bill. Principles of econ freedom & innovation shouldn't be partisan.
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Floating this reminder to the top of your inbox: There remains a meaningful risk that @SECGov files controversial enforcement matters in the coming weeks before Chair Gensler (and other senior ENF staff) exit. Now is not the time to let your guard down.
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A rare rebuke from an appellate court: @SECGov's explanation "does not allow us to understand why it prefers to proceed by incremental action, particularly considering the significant workability concerns identified by @Coinbase." Another significant and impactful win.
We just won our petition for a writ of mandamus at the Third Circuit. Rebuking @SECGov for its order denying our rulemaking petition, the Court held that the "SEC’s order was conclusory and insufficiently reasoned, and thus arbitrary and capricious, we grant Coinbase’s petition in part and remand to the SEC for a more complete explanation." We appreciate the Court's careful consideration. 1/3
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Did you know @SECGov has lost 3 of 4 challenges to its rules under Chair Gensler? The same number of defeats as the 3 prior Chairs COMBINED.
Think of the resources wasted on regulations that never materialized vs. adopting meaningful, durable rules to help strengthen our securities markets.
Kudos to @HalScott_HLS and @capmktsreg for their important study on the topic: capmktsreg.org/wp-content/up…
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This has been an arduous, but necessary, journey. Any system predicated on fairness & due process requires transparency from regulators, and our new FOIA site shows why. These docs reveal many things, but the throughline is clear: @Coinbase will do what it takes to support crypto.
Today @coinbase is launching sharing all the docs we've received in our ongoing FOIA campaigns with various government regulators – including 10,000+ pages of previously unpublished docs. Government transparency shouldn’t be a privilege. Among the early finds are: 1/3
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Look forward to working with incoming @secgov Chair Paul Atkins – a well-known and respected securities leader – on a path towards clear, sensible rules for digital assets. The American people deserve nothing less.
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Couldn’t agree more with @iampaulgrewal’s remarks today at @practlawinst: Piecemeal lawsuits with conflicting legal arguments aren’t the path to clarity and certainty. Crypto is here to stay - but regulatory consistency/transparency are key ingredients to facilitate U.S. innovation & the companies of tomorrow.
I was there, too. Tl;dr from my chat at @practlawinst’s Annual Institute on Securities Regulation today: @SECGov’s approach to digital assets has been a failure, we need regulatory clarity to provide lanes for safe innovation, and I am optimistic about clear and fair regulations under the new admin.
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Winner: Defense Counsel
Losers: Jobs, innovation, economic empowerment….
Thanks @kristinsmith for shedding light on this tremendous (and discouraging) waste of time and money.
1/ Today, in partnership with @HarrisXData, we’re launching RegulationbyEnforcement.com to publicize Chair Gensler’s regulation-by-enforcement approach to our industry.
theblockchainassociation.org…
A stunning figure: Our industry has wasted more than 400 million dollars defending itself against the SEC under Chair Gensler’s watch, with untold job and innovation losses.
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During another busy crypto week, here’s what I’ve been watching: TOM is @SECGov's new Crypto Task Force. Not only did the SEC indicate its intention to draw clear regulatory lines, it also acknowledged its “novel and untested" interpretations caused industry-wide confusion. (1/6)
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Ripple’s victory turns another critical page in the @SECGov ’s War on Crypto. All should be grateful for @Ripple's perseverance and willingness to expend inordinate time/resources to secure this win. All should also be fearful of this happening again. A stark reminder of the need to use this time wisely by passing durable, comprehensive legislation with a clear framework.
Congrats to @s_alderoty and the Ripple legal team.
Today, Ripple moves forward—stronger than ever. This landmark case set a precedent for the domestic crypto industry.
With the SEC dropping its appeal, Ripple is now in the driver's seat and we’ll evaluate how best to pursue our cross appeal. Regardless, today is a day to celebrate this victory.
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An important and revealing chart from @brian_armstrong - the very definition of arbitrary and capricious conduct by a regulator.
The next SEC chair should withdraw all frivolous cases, and issue an apology to the American people.
It would not undue the damage done to the country, but it would start the process of restoring trust in the SEC as an institution.
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Read @coinbase's letter demanding answers:
assets.ctfassets.net/sygt3q1…
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It's worth repeating Justice Brandeis's words that sunlight remains the best disinfectant. Every time we peel back a layer of the FDIC onion, something new is unearthed. More to come...
A picture of deceit, obfuscation, and bad faith is coming into focus at @FDICgov. Today we’re reporting to the federal court that the agency once again stonewalled legitimate requests for information in our case, and that we’re moving to amend our FOIA complaint to address their violations of law. 1/6
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⚖️History Associates v. FDIC - D.D.C.
@FDICgov produced the pause letters it had sent to banks asking them to suspend crypto-related services. @Coinbase will continue to push for transparency. More on this from @iampaulgrewal: nitter.app/iampaulgrewal/status/1… 2/5
As terrible as OCP2.0 itself was, @FDICgov's abuse of FOIA Exemption 8 to cover it up has arguable been even worse. If we want government accountability, we need government transparency. As explained below, FDIC's redactions of its response to our FOIA request pursuant to Exemption 8 reflect blatant misrepresentations. 1/6
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A 🧵on what I’ve been watching in crypto law recently:
Top of mind is our FOIA win last week. The Court flagged the FDIC’s “lack of good faith,” noting it “cannot simply blanket redact everything that is not an article or preposition.” Sunlight remains the best disinfectant. 1/6
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The fight for transparency continues. Every drip of detail adds to the streams of knowledge and accountability. @coinbase
We squeezed more details from @SECGov in our FOIA suit about the Gensler-era investigation of ETH2.0. They've identified the following documents in their "Vaugh index" of withheld materials that we intend to pursue. 1/9
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⚖️SEC v. Kraken - N.D. Cal.
▶️A court denied Kraken’s motion to compel internal @SECGov documents about BTC/ETH, finding it didn’t describe a clear enough connection between BTC/ETH and the assets at issue. The decision seems at odds with the Ripple court’s grant of a similar motion, but the judge left the door open to future arguments. 3/5
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⚖️Blockchain Association v. IRS - S.D. Tex.
@BlockchainAssn, @fund_defi, and @TXblockchain_ sued the IRS/Treasury over rulemaking that broadly redefines what constitutes a “broker.” Plaintiffs argue, among other things, the rulemaking exceeds the agencies’ authority because the definition sweeps in certain DeFi entities that don’t themselves effectuate transactions. Unclear what’s next for this rulemaking given the expected shift in crypto policy and the delayed implementation date (2027). 3/5
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With this latest decision, Gensler-era rules have been overturned 5 times – nearly double the number of defeats compared to the three prior Chairs COMBINED (5 vs 3)
reuters.com/legal/government…
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The latest on @coinbase’s efforts for @sec transparency. After spending a year refusing disclosure, @sec now wants to wait 3 more years before they BEGIN searching for other excuses not to produce.
First @SECGov said it could avoid FOIA because docs we’re owed are exempt. Then they said that exemption “may” no longer apply but won’t say for sure. Now they want at least THREE YEARS to find another exemption to avoid the law. Today we ask the DDC to end this nonsense. 1/4
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The @FDICgov's cooperation in our FOIA case appears short-lived - they recently stopped producing the required info. That means we must resume our lawsuit: to obtain transparency, to prevent FOIA abuse, and to ensure OC 2.0 never happens again. @coinbase
We’ve appreciated the increased cooperation we’ve seen from the new @FDICgov leadership, but they've stopped sharing all the required information. That's not good enough if we want to end OCP 2.0 and make sure that it doesn't happen again.
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