Paul Grewal, Coinbase’s Chief Legal Officer, highlighted a disagreement between the U.S. Securities Exchange Commission (SEC) and the courts regarding the definition of “investment contracts.” According to Grewal, the SEC’s perspective on investment contracts differs from that of the judicial system. He also expressed optimism in the outcome of Coinbase’s ongoing legal dispute with the SEC.
Coinbase CLO Explains Why The CEX Filed An Interlocutory Appeal
In an interview with Coingape Media, Coinbase’s Chief Legal Officer explained, “The SEC wants the court to define ‘investment contract’ in a manner that contradicts every Second Circuit and Supreme Court ruling on this topic.” Furthermore, Grewal underscored the importance of their request for an interlocutory appeal, stating, “Although it’s uncommon, we are pursuing this option.”
He strongly reinforced their dedication to the cryptocurrency world. The Coinbase Chief Legal Officer stated, “We must explore every possibility since we represent the entire sector and the 52 million American crypto owners.” Moreover, despite the initial doubt, Grewal remained optimistic about a positive resolution in the case.
Coinbase’s Chief Legal Officer (CLO) reassured everyone, “Despite not having an early chance to appeal, we remain optimistic about our case in the district court.” Additionally, lawyer John Deaton, who supports XRP, has requested to join the proceedings as a friend of the court for 4,701 Coinbase clients.
In an interview with Fox Journalist Eleanor Terrett, Deaton expressed that Coinbase’s interlocutory appeal might have a 50-50 chance of being accepted. He further acknowledged the presence of uncertainties regarding Judge Failla’s decision on this matter. However, Deaton remained optimistic and believed there was a strong possibility that she would grant it.
Arguments In The Latest Appeal
On April 13, Coinbase asked the court for permission to appeal a key issue in its ongoing lawsuit with the SEC before the final decision is made. This issue revolves around whether an “investment contract” requires a contract between parties. Additionally, Coinbase argued that this question has broader implications beyond just their case.
Coinbase’s top executive highlighted the regulatory uncertainty as a major concern for the entire digital asset industry, suppressing progress. Furthermore, in a recent post on platform X, the CLO of Coinbase expressed his concern that the SEC’s actions against them and other digital asset companies exceed their legal jurisdiction and cast an unwarranted shadow over US innovation in this sector.
According to the SEC’s position in the Ripple case, Coinbase pointed out shared legal arguments and emphasized the larger implications for the crypto industry. Amidst the legal dispute, Coinbase reiterated its support for the digital asset community, promising to push for clarification while carrying on with business. Consequently, the court is considering Coinbase’s plea amid intensified regulatory review.
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2024-04-20 16:35