Allowing Coinbase to go public wasn't a corporate 'blessing': SEC
The SEC argued that the mere fact that it approves a company's S-1 filing does not mean that the company does not or will not operate in "violation of law".
= =.jpg 1x, https://images.cointelegraph.com/images/960_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDcvNjJkOTQ5MWMtNzFjNS00NTliLTk0MjMtZmIzNzY0ZGNkZTFjLmpwZw == .jpg 2x" src="https:// images.cointelegraph.com/images/1434_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDcvNjJkOTQ5MWMtNzFjNS00NTliLTk0MjMtZmIzNzY0ZGNkZTFjLmpwZw==.jpg" alt="Al render Coinbase public was not a corporate "blessing": SEC" class="lazy-image__img type:primaryImage"/> News Join us on social networksThe U.S. Securities and Exchange Commission (SEC) argued in court that approval of a company's S-1 application to go public does not represent a "blessing" of the agency, nor does it only provides verification that the company is in compliance with regulations.
In the interest of transparency, here is the transcript of our hearing yesterday in the SDNY case brought against us by the SEC. We appreciate the Court's careful consideration. https://t.co/NEEsr05fos
— paulgrewal.eth (@iampaulgrewal) July 14, 2023According to July 13 court documents from the pre-motion hearing of the SEC v. Coinbase case, the SEC claimed that it did not approve of Coinbase's business structure when it fired it green to go public in April 2021.
“Your Honor, I will say that just because the SEC allows a company to go public does not mean that the SEC blesses the underlying company or the underlying business structure or says that the structure underlying trade does not violate the law," said SEC attorney Peter Mancuso, adding that:
“There is no way that an S-1 approval will be a blessing to a company's overall business. In fact, there is no evidence that the SEC reviewed specific assets and made specific decisions. , then reassured Coinbase that it would not later turn out to be a security.”
On crypto Twitter, several people, including Gemini co-founder Cameron Winklevoss, pointed to the implications of such statements, as they questioned why the SEC would allow a supposedly non-compliant company to go public in the first place. , since its purpose is to protect American consumers.
The SEC argued that the mere fact that it approves a company's S-1 filing does not mean that the company does not or will not operate in "violation of law".
= =.jpg 1x, https://images.cointelegraph.com/images/960_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDcvNjJkOTQ5MWMtNzFjNS00NTliLTk0MjMtZmIzNzY0ZGNkZTFjLmpwZw == .jpg 2x" src="https:// images.cointelegraph.com/images/1434_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDcvNjJkOTQ5MWMtNzFjNS00NTliLTk0MjMtZmIzNzY0ZGNkZTFjLmpwZw==.jpg" alt="Al render Coinbase public was not a corporate "blessing": SEC" class="lazy-image__img type:primaryImage"/> News Join us on social networksThe U.S. Securities and Exchange Commission (SEC) argued in court that approval of a company's S-1 application to go public does not represent a "blessing" of the agency, nor does it only provides verification that the company is in compliance with regulations.
In the interest of transparency, here is the transcript of our hearing yesterday in the SDNY case brought against us by the SEC. We appreciate the Court's careful consideration. https://t.co/NEEsr05fos
— paulgrewal.eth (@iampaulgrewal) July 14, 2023According to July 13 court documents from the pre-motion hearing of the SEC v. Coinbase case, the SEC claimed that it did not approve of Coinbase's business structure when it fired it green to go public in April 2021.
“Your Honor, I will say that just because the SEC allows a company to go public does not mean that the SEC blesses the underlying company or the underlying business structure or says that the structure underlying trade does not violate the law," said SEC attorney Peter Mancuso, adding that:
“There is no way that an S-1 approval will be a blessing to a company's overall business. In fact, there is no evidence that the SEC reviewed specific assets and made specific decisions. , then reassured Coinbase that it would not later turn out to be a security.”
On crypto Twitter, several people, including Gemini co-founder Cameron Winklevoss, pointed to the implications of such statements, as they questioned why the SEC would allow a supposedly non-compliant company to go public in the first place. , since its purpose is to protect American consumers.
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