In the ongoing dispute between Coinbase and the U.S. Securities and Exchange Commission (SEC), a lawyer supportive of XRP made a noteworthy comment, igniting conversation within the crypto community. Additionally, Coinbase’s latest attempt to request an interlocutory appeal has piqued the interest of market observers and traders alike.
At the same time, Bill Morgan, a lawyer supportive of Ripple, believes that this legal advancement might strengthen the SEC’s argument in the ongoing XRP sales case. The decision made in Coinbase’s appeal against the SEC’s interpretation of an “investment contract” could significantly influence cryptocurrency regulations within the US.
Coinbase’s Legal Battle Sparks Debate In Crypto Market
Coinbase, a well-known cryptocurrency exchange, is stepping up its legal fight against the Securities and Exchange Commission (SEC) by submitting an appeal brief. According to CoinGape Media’s report, the focus of this appeal is on a critical issue: the definition of an “investment contract.” This challenge aims to redefine the term based on the SEC’s interpretation. The decision from this appeal could have substantial implications for the ongoing XRP case, as Bill Morgan, an XRP lawyer, pointed out.
At the same time, Coinbase strongly advocates for clear guidelines in the fast-paced cryptocurrency world, warning of potential negative consequences from the SEC’s actions. The exchange argues that these actions may exceed the SEC’s authority and hinder innovation within the digital asset sector. Moreover, the ongoing legal issues have sparked discussions among XRP holders.
In spite of the ambiguous laws, Coinbase continues to strongly support clear regulations, not just for their own business, but also for the entire cryptocurrency industry.
Pro-XRP Lawyer Weighs In
Bill Morgan, a lawyer supportive of XRP, discusses Coinbase’s attempt to appeal a judge’s decision against the SEC. His perspective is that if Coinbase loses, it could strengthen the SEC’s argument regarding Judge Torres’ ruling on XRP sales not qualifying as investment contracts. Meanwhile, Eleanor Terrett from FOX shares news of Coinbase asking Judge Failla for permission to appeal intermediately. She mentions how Judge Rakoff’s view on digital assets being possibly considered investment contracts based on the Howey Test is referenced in their motion.
In her post, Eleanor Terrett pointed out that the crypto exchange is requesting clarification on how the Howey Test applies to digital assets due to conflicting judge opinions. It’s worth mentioning that seeking interlocutory appeals before a final judgment is difficult, as shown by the SEC’s past failed attempt in the Ripple case.
In the midst of the ongoing dispute, the XRP price dropped approximately 11% within the past 24 hours and was priced at $0.5467. Simultaneously, its trading volume experienced a significant surge, reaching $3.13 billion – an increase of around 160%. However, this recent decline in XRP’s value is mainly linked to the widespread selling observed across the entire cryptocurrency market.
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2024-04-13 10:12