TechFlow news: Coinbase has achieved a partial victory in its case against the SEC, but also suffered a partial setback.
Judge Katherine Polk Failla largely denied Coinbase's motion for summary judgment on Wednesday. She found that the SEC had "sufficiently alleged" facts showing Coinbase operated as an exchange, clearing agency, and broker. Additionally, she ruled that the SEC's allegations regarding Coinbase's yield mining services have merit. Both parties must submit a case management plan to the court by April 19.
Judge Failla stated that the SEC's enforcement action is not subject to the major questions doctrine because the cryptocurrency industry does not yet constitute a significant enough part of the U.S. economy. She emphasized that the SEC is simply enforcing laws related to investment contracts.
While not specifically naming particular crypto assets, Judge Failla's ruling referenced mentions of Solana and Polygon from the original complaint.
