Earlier today I saw the headlines stating that the SEC had secured a "huge win" against Coinbase but since I was at work and honestly needed to get stuff done I chalked it up as something to do later. Now going back and looking at this "win" and talking with my lawyer friends it seems that the media is really working to stretch this judge's decision. Given all the lawsuits the SEC has filed and fought in the court system over the years and the untold amount of taxpayer dollars that went to Gary Gensler's crypto crusade I figured something with immediate impact happened. Amazingly that was not the case and what occurred was the Judge ruled that the SEC’s claim that Coinbase engaged in unregistered sales of securities could be heard by a jury at trial.

That was it. That was the "huge win".

While I would have preferred the other option that the judge had in throwing out the case the idea that this somehow changes the landscape or does anything big just isn't the truth. Even in this ruling the SEC suffered a pretty significant defeat but it doesn't seem that the media cares to report on that. In the same judgement the court dismissed the SEC's claims that Coinbase’s Wallet application acts as a broker under the US law.

No one is even mentioning though that Coinbase could straight up appeal this and have the case possibly thrown out this way. The other easy way is if they choose not to appeal or lose the appeal the case moves over to the discovery phase where the SEC is going to have to turn over a lot of internal communications about its internal views and all communications about crypto regulation. Having to turn this over is going to expose them in more ways than Ripple could have imagined. What's more this discovery phase could last YEARS.

But don't forget this was a "huge win" for the SEC somehow. At least that is what they want you to think. This whole thing seems to be nothing but a very sad attempt by Gensler to claim a "win" against Coinbase after being consistently defeated except for Binance. Someone needs to tell Gary it is time to stop this taxpayer-dollar-burning crusade.