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The U.S. District Court for the Southern District of New York denied Coinbase's Motion for Judgment on the Pleadings in the SEC's case against the exchange, allowing the SEC to proceed with its lawsuit. The SEC alleges that the Coinbase operates as an unregistered exchange, broker and clearing agency.

Commentary by Steven Lofchie

A DeFi Fund and an apparel company sued the SEC to prevent it from taking any action against the clothing company's recent "airdrop" of tokens. They argued that the SEC "has adopted an aggressive and expansive view of its own authority to regulate virtually all digital assets and transactions involving digital assets."