Coinbase Is Suing the SEC. Here’s a Plain-Speak Interpretation of How We Got Here...

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TL;DR

• Coinbase is suing the SEC for what it sees as an un-fair and un-clear approach to regulating cryptocurrency.

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You've heard about the SEC potentially charging Coinbase for selling unregistered securities, sure...

But have you heard about Coinbase suing the SEC in return?

If you've missed some, or all of it - here's a plain-speak interpretation of how it's all gone down:

SEC: Wanna play a game?

Coinbase: Sure, what're the rules?

SEC: The rules are similar to another game from the 1930's...but also different.

Coinbase: Ok (?) can you define the rules of this game?

SEC: Nope.

Coinbase: Then how do we play?

SEC: Uh-oh, wrong answer! You lose.

Coinbase: What?? But how does that -

SEC: Nope. Should've followed the rules. See you in court.

Coinbase: Really? We're playing it like this? Ok. Well. Your 'interpretation' of the rules aren't final - let's take this to the actual rule makers.

SEC: Wait, let's not go crazy here, we can -

Coinbase: Up-bup-bup. We asked for clear definitions of the rules from the start, and you didn't give them. So how's this: we'll see YOU in court.

* And scene *

Finally - if we had to boil the purpose of this latest lawsuit down to a few sentences, it'd go something like this:

It's pretty obvious that SEC has made its mind up on what it sees 'the rules' as being, but hasn't shared them publicly. This lawsuit asks them to do so.

Alright, that's it! Now you know :)