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.
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Republicans on the House Financial Services Committee and the House Committee on Agriculture requested clarification from the SEC as to whether the Ethereum token, Ether, is a security.
In a Motion for Remedies, the SEC argued that crypto exchange Ripple should pay more than $2 billion in penalties for selling its token, XRP, to institutional investors.
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."
SEC Chair Gary Gensler criticized "those who seek to reduce information available to investors," including crypto industry participants who attempt to avoid registration and required disclosure requirements.