"Coinbase's Legal Battle with SEC Threatens Existential Risk"

Lawyer James Murphy believes that the U.S. Securities and Exchange Commission (SEC) will lose if it takes Coinbase to court over alleged securities law violations due to a "fatal flaw" caused by SEC Chairman Gary Gensler's own testimony to Congress on May 6, 2021, stating that the SEC does not have the authority to regulate cryptocurrency exchanges. Murphy expects Coinbase's legal team to focus on the communications within the SEC leading up to Gensler's testimony, which will be highly embarrassing for the SEC.