- Paul Grewal, Chief Legal Officer of Coinbase (NASDAQ:) recently tweeted about the judge’s decision on Voyager Digital.
- Grewal was impressed by the remarkable statement made by Judge Wiles and urged everyone to read it.
- Coinbase CLO highlights some noteworthy statements from Judge Wiles in the tweet.
Coinbase’s chief legal officer, Paul Grewal, recently tweeted about bankruptcy judge Michael Wiles’ impressive remarks regarding Voyager Digital’s decision.
Everyone committed to the rule of law should read J.Wiles’ Voyager Resolution. These are wonderful statements from a federal court that have no bearing on the game other than calling things what they are. /www.nysb.uscourts.gov/sites/default/files/opinions/312840_1170_opinion.pdf
– paulgrewal.eth (@iampaulgrewal) March 15, 2023
Grewal recognized Judge Wiles as someone who “has no appearance in the game other than to call things as they are”. The Coinbase CLO highlighted a statement from Judge Wiles:
There are companies that operate as cryptocurrency brokers or exchanges, and have done so for several years, without being subject to clear and well-defined regulatory requirements.
Grewal also shared a statement in which Judge Wiles stated that regulators themselves are unable to agree on whether cryptocurrencies are commodities that should be regulated by the CFTC, or securities that would be subject to SEC oversight. Judge Wiles also mentioned that regulators are at a loss as to what criteria should be applied in making a decision on cryptocurrencies.
Furthermore, Justice Wiles emphasized the fact that this uncertainty has existed for a long time even though cryptocurrency exchanges have been in operation for many years.
CryptoLaw founder John E Deaton also commented on Grewal’s tweet. Deaton stated that the SEC is losing in the Court v. He also added that the justices will be subpoenaing the SEC for their inconsistent statements and behavior.
The community, including many attorneys, applauded Judge Wiles’ decision. Some have even stated that the decision comes from a judge who really gets the big picture. The SEC has always had an eye on the cryptocurrency world. Gensler also recently noted that all cryptocurrencies except for securities. Judge Wiles’ latest decision has also received positive feedback from the cryptocurrency community.
The Coinbase post CLO Speaks on Voyager Digital Decision by the Bankruptcy Judge first appeared in Coin Edition.