US Courts Challenge the SEC Stance on Disclosure
On Wednesday (June 5), the US Fifth Circuit vacated SEC rules requiring private fund advisors to provide full disclosures to investors.
The ruling coincided with SEC Chair Gary Gensler targeting the crypto market on disclosure, saying,
“We, the SEC, tomorrow, are turning 90. Happy Birthday SEC, 90. And what President Roosevelt did is he created this Commission to oversee that you, the investors, get the disclosure. And, in the crypto markets, they are not giving you that disclosure.”
The court ruling could give US lawmakers more reason to roll out a US digital asset framework that supports innovation while protecting investors.
Coinbase Contributes $25 Million to Fairshake
On Monday (June 3), Coinbase (COIN) contributed $25 million to Fairshake PAC. According to its website, Fairshake supports US candidates committed to securing the US as the home to innovators building the next generation of the internet.
Last week, Ripple announced its $25 million contribution to Fairshake PAC.
Significantly, Coinbase contributed its $25 million shortly after US President Joe Biden vetoed the SAB 121 resolution.
Coinbase is also battling the SEC in the courts. Investors await a court ruling on the Coinbase Motion for Interlocutory Appeal. If Judge Katherine Failla grants the Motion for Interlocutory Appeal, Coinbase will appeal against the court denying, in large part, the Coinbase Motion to Dismiss (MTD).
A Coinbase win against the SEC would be a boon for the crypto market. Despite the uncertainty about the SEC v Coinbase case, Coinbase rallied 8.07% to $244.16 in the week ending June 7.
