We appreciate the Second Circuit confirming today what is clear under the federal securities law: there's no private liability for the secondary trading of digital assets on exchanges like Coinbase. Why? Because contracts matter. 1/2
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You can read the opinion for yourself: assets.ctfassets.net/c5bd0wqjc7v0/I… 2/2
@iampaulgrewal So if I have this straight, there is no Exchange Act liability without a contract that can be rescinded. No contract, no liability.
@iampaulgrewal List @LBRYcom lbry.com on coinbase. It has legal clarity on secondary transactions.
@iampaulgrewal Nice, although this is a summary order without precedential effect.