As a seasoned researcher and follower of the cryptocurrency landscape for over a decade now, I find myself intrigued by the latest moves made by both Coinbase and the SEC. The ongoing saga between Ripple and the SEC, particularly the SEC’s decision to appeal Judge Torres’ ruling in favor of Ripple, seems to have opened a pandora’s box for other digital asset exchanges like Coinbase.
Based on the SEC’s recent appeal, Coinbase has asked the court to reconsider their motion for an interlocutory appeal. It is important to note that if the US Securities and Exchange Commission continues with this appeal, they may have inadvertently undermined themselves by appealing Judge Analisa Torres’s decision on July 13, 2024, which favored Ripple.
Coinbase Seek to Probe Howey Test Clause
As stated in the document addressed to Judge Katherine Polk Failla, Coinbase has requested that their previously filed motion for an interlocutory appeal be approved. This initial filing was made in April. The primary aim of this motion was to examine a significant point in the case: the application of the Howey Test, a longstanding standard for determining what constitutes a security since a 1946 Supreme Court decision, to digital assets.
The exchange proposes repeating the request, hoping it will offer a comprehensive understanding for the Second Circuit when deciding the agency’s stance on the Howey Test. More precisely, they are keen on discussing how this test applies to cryptocurrency trades in the secondary market.
Lawyers for Coinbase assert that the SEC’s decision to appeal in Ripple’s case implies uncertainty and the need for further scrutiny regarding the criteria outlined in the Howey Test. They believe this action underscores the significance of applying the Howey test, and consequently, they seek a thorough review of their own case with the regulatory agency.
In April, the agency submitted a motion asking for Coinbase’s request to be rejected. They pointed out that there was insufficient reason for disagreement. So far, Judge Failla has not made a decision on either motion. Although Coinbase might have a more convincing case this time, it’s uncertain if the court will side with them.
SEC Tactics Keep Crypto Community in Suspense
Despite appearing as though Ripple may be facing more scrutiny from the SEC, the ongoing lawsuit between them is establishing important precedents for future crypto lawsuits. It remains uncertain whether the SEC will emerge victorious in this case. Nevertheless, many legal experts who are pro-crypto believe that the Commission may not have a strong chance of success.
The SEC named Ripple CEO Brad Garlinghouse and Chris Larsen, a co-founder, as appellees in the appeal filing. This move has gotten many XRP community members talking, with many wondering what the SEC is up to. The days following the appeal hearing will come with a lot of suspense as the ecosystem await the verdict.
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2024-10-05 23:43