Crypto Analyst Considers the CFTC and Coinbase Move Illegal

  • Crypto trader Martin Folb believes the CFTC seeks information on subscriber behavior from Coinbase to “prove something” about the Bybit exchange.
  • The crypto trader believes CFTC is going through Coinbase to gather Bybit users’ data.
  • Folb noted that what the CFTC is doing through Coinbase is unconstitutional.

Crypto trader Martin Folb, commonly known as MartyParty, shared that the Commodity Futures Trading Commission (CFTC) seeks information on subscriber behavior to “prove something” about the Bybit crypto exchange. He claimed that the regulator is going through Coinbase to gather users’ data that could support its case against Bybit, a non-U.S.-based crypto exchange.

Folb explained via a recent post on X (formerly Twitter) that the CFTC is adopting an indirect process to pursue its objective. According to him, the regulatory agency is going through Coinbase, the top U.S. crypto exchange, to email Bybit users, informing them of a recently served subpoena.

A part of the email that MartyParty shared reads:

No action is required from you, but Coinbase may respond to the subpoena unless served before November 30, 2023, with a motion to quash or other objection to the subpoena that has been filed with the Court – including by sending information concerning your Coinbase account to the Commodity Futures Trading Commission.

The crypto trader considers the CFTC move “illegal” and asked his community members not to do anything about the email. He said, “Giving your information might be used against you.” Folb noted that users’ information is private property, and it would amount to a travesty if Brian Armstrong, the Coinbase CEO, agreed to this exercise by the CFTC.

Furthermore, Folb noted that what the CFTC is doing through Coinbase is unconstitutional. He believes the CFTC has no jurisdiction to embark on such a move and that it is out of their congressional authority. The crypto trader called the attention of experts like Senator Cynthia Lummis, Rep. Matt Gaetz, and Patrick McHenry, a congressman from North Carolina, over the issue.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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