Coinbase Chief Legal Officer Paul Grewal recently tweeted about the remarkable statements by Bankruptcy Judge Michael Wiles on the Voyager Digital decision.
Everyone committed to the rule of law should read J. Wiles’ Voyager decision. These are remarkable statements from a federal court with no skin in the game other than calling things as they are.🧵⬇️ /www.nysb.uscourts.gov/sites/default/files/opinions/312840_1170_opinion.pdf
— paulgrewal.eth (@iampaulgrewal) March 15, 2023
Grewal acknowledged Judge Wiles as someone with “no skin in the game other than calling things as they are.” The Coinbase CLO highlighted a statement from Judge Wiles:
There are firms 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 where Judge Wiles mentioned that regulators themselves are not able to agree as to whether cryptocurrencies are commodities that should be regulated by the CFTC, or securities that will bring them under the SEC. Judge Wiles also mentioned that the regulators are also puzzled about what criteria to apply in making a decision regarding cryptocurrencies.
Furthermore, Judge Wiles stressed the fact that this uncertainty has long prevailed even though cryptocurrency exchanges have been operational for many years.
CryptoLaw founder John E Deaton also commented on Grewal’s tweet. Deaton stated that the SEC is losing in court against Ripple. He also added that the judges will call the SEC out due to their inconsistent statements and behavior.
The community, including several lawyers, applauded Judge Wiles’s decision. Some even stated that the decision comes from a judge who truly gets the big picture. The SEC has been long eyeing the cryptocurrency realm. Gensler had also recently remarked that all cryptocurrencies except Bitcoin are securities. Judge Wiles’s recent decision has also been receiving positive responses from the cryptocurrency community.
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