Edward Snowden, a whistleblower and Bitcoin supporter, expressed indifference towards the SEC's legal battle with Coinbase. In response to a court ruling allowing the SEC to proceed with its lawsuit, Snowden tweeted that the SEC's actions would ultimately lead to their downfall in court. He recalled a previous incident where SEC Chair Gary Gensler was forced to approve Bitcoin ETFs after a legal defeat.
The SEC's lawsuit against Coinbase, filed in June 2023, alleges that the exchange operated as an unregistered securities dealer. The court's rejection of Coinbase's motion to dismiss the allegations represents a setback for the company.
Snowden, a vocal advocate for Bitcoin, has praised it as the most significant monetary advancement since coinage. He has also predicted that a national government will be revealed to have purchased Bitcoin without disclosure.
At the time of writing, Coinbase shares had declined by 3.79% in the regular session, closing at $256.70. However, they had gained nearly 0.9% in after-hours trading. Bitcoin was trading 1.12% lower at $69,725.02.