Recent Developments In The U.S. SEC's Proceedings Against Major Crypto Players Signals Pro-industry Policy Shift

In both Canada and the U.S., those in the crypto industry have been somewhat reluctant participants in a long dance with regulators as to which of them can assert jurisdiction over crypto-related activity and how that jurisdiction should be exercised. While the crypto industry appears to be thriving, uncertainty over how crypto is to be regulated, and by whom, has cast a shadow over the industry. This past January, two recent U.S. decisions concerning cryptocurrency exchange Coinbase Global Inc. (Coinbase) created the prospect that there might soon be some clarity around these issues. Coinbase faced the same opponent in both cases — the Securities and Exchange Commission (SEC) — but the ultimate legal issue in each is distinct.