Digital assets are the "payment of choice" for child sexual-abuse materials, Sens. Elizabeth Warren and Bill Cassidy wrote in their letter, asking what tools the feds need.
The federal judge must now weigh what a Coinbase lawyer characterized as "a pure question of law," and her answer could have big consequences on the crypto sector.
The agency contends last week's court ruling that offerings from Terraform were securities should help make its case that the exchanges traded unregistered securities.
Issuance, circulation, and offering trading of "unsecured digital assets" is prohibited outside the country's financial center under laws that came into effect earlier this year.
Bankman-Fried's lawyers argued the jury should be instructed on English law because it governed FTX's terms of service. "I apply the law of New York," Judge Lewis Kaplan said.