Legal Panel Discussion: SEC Crypto Litigation, Coinbase Lawsuit, and Industry Clarity
The legal world is known for its civility, even in the midst of heated disputes. Last night, at a Columbia Business School event, sparks were expected to fly as Ladan Stewart, the former SEC crypto litigation unit chief, took the stage alongside prominent blockchain lawyers like Rebecca Rettig of Polygon.
Stewart, who recently led the SEC’s lawsuit against Coinbase before departing the agency, joined the panel discussion to share her insights on the regulatory landscape in the crypto space. Despite now working for the global law firm White & Case, Stewart still represented the SEC in spirit, offering her perspective on key cases and the agency’s approach to blockchain regulation.
One of the main topics of discussion was the recent ruling in the Coinbase case, which Stewart believes will embolden the SEC to continue bringing regulatory cases in the crypto sector. She also weighed in on the debate around clarity and enforcement, suggesting that a Supreme Court case may provide definitive answers on what constitutes a security in the industry.
The panel was largely civil, with disagreements over past SEC lawsuits and interpretations of securities law. However, tensions rose as the speakers debated whether tokens themselves are securities or if it’s the sale that creates an investment contract. Stewart clarified the SEC’s position, but Rettig challenged the lack of clear guidance for industry compliance.
As the discussion verged on hostility, the host intervened to express gratitude for the panelists’ engagement with complex questions. Despite the disagreements, Stewart ended the evening by affirming, “We’re all friends.”
The event provided a glimpse into the ongoing debates and uncertainties surrounding crypto regulation, highlighting the challenges faced by both industry participants and regulators. With the industry and the SEC at odds over key issues, the path forward remains unclear.
For more news and updates, follow Leo Schwartz on Twitter at @leomschwartz.
