The crypto community is keeping an eye on developments around the SEC vs. Coinbase case which could influence the XRP case.
Experts believe this case could be a reference to the ongoing Ripple lawsuit with XRP’s future still hanging in the balance.
The SEC has in recent weeks intensified its crackdown on crypto firms. As CNF reported a few months ago, the regulatory agency has sued two of the largest crypto exchanges in the world, Coinbase and Binance. The two are the next high-profile cases brought against crypto firms after the agency filed a lawsuit against Ripple Labs and its executives about three years ago.
The SEC alleges that Ripple Labs issued unregistered securities in the form of XRP tokens. For Coinbase and Binance, the two exchanges are accused of listing unregistered securities as cryptocurrencies. Both Binance and Coinbase have vowed to fight the accusation. Interestingly, the SEC chair Gary Gensler believes that a majority of tokens are securities operating illegally.
Latest Developments on Ripple Case
Ripple has just a few days to respond by filing an opposition to the SEC’s motion for interlocutory appeal. Ripple lawyers have till September 1st, and experts expect this will be done. This could drive positive sentiment onto XRP which has been trading sideways for the last couple of days.
At the time of press, XRP is exchanging for $0.5233 after a marginal change of less than 1 percent in the last 24 hours. While the sentiment remains largely bearish, the altcoin has remained above a key support of $0.50. XRP faces resistance at $0.55.
Where there hasn’t been an update on the Ripple vs. SEC case, experts have been discussing potential developments around the case. CryptoLaw Founder and attorney John Deaton shared views on the Coinabase case.
Speaking at the XDC Conference, the attorney stated;
>> Buy XRP quickly and securely with PayPal, credit card or bank transfer at eToro. Visit Website <<
There’s a legitimate chance in the Coinbase case, there’s a legitimate chance that the Judge can even dismiss the case by saying on this motion to dismiss, which would normally never be granted, by saying that when you go to an exchange and you engage in a blind bid ask transaction you don’t know who you’re buying it from.
A win for Coinbase could enforce Judge Torres’s ruling on XRP and Programmatic Sales. This would also cast a shadow on the SEC’s enforcement of its regulations as well as bring into question whether cryptocurrencies fall into its jurisdiction.
The lawyer further discussed the potential collusion between the former commissioner and Ethereum. Speaking on the infamous Hinman speech, the lawyer stated;
Don’t rule out there could be a case against certain individuals because you’re not allowed to conspire to then create a monopoly for a certain group of people. A lot of people don’t know is that ETH investors, a16z, literally helped write the speech. Where’s Hinman a partner today, a16z.
0% commission on stocks – buy in bulk or just a fraction from as little as $10.
Copy top-performing traders in real time, automatically.
Regulated by financial authorities including FAC and FINRA.
Get Started
Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
