"If this goes poorly, it could be an existential issue for Coinbase," Jeff Blockinger, chief counsel at decentralized finance platform Vertex Protocol, told Insider. Sources told Insider they expect Coinbase to fight extremely hard against the suit, which essentially says its whole US operation is illegal. "This is an all-out assault, particularly in regards to Binance, but it is a broader assault on the industry. A deal just means 'the casino can stay open'From Smith's point of view, the real existential matter isn't the SEC's lawsuit but rather the nature of the market itself. "If the SEC and Coinbase cut some sort of deal, that just means the casino can stay open."

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Persons: —, Changpeng Zhao, Zhao —, Binance, Zhao, Jeff Blockinger, it's, Brian Armstrong, he's, Coinbase, Gensler, Sam Bankman, Richard Smith, Ron Geffner, Goldberg, Geffner, There's, Smith Organizations: Coinbase, Service, Securities, Exchange Commission, Binance, SEC, Commodities Futures Trading Commission, Bloomberg, The Foundation Locations: Cayman Islands, Alameda, SEC's