Coinbase Questions SEC’s Authority in Legal Battle
Paul Grewal, representing Coinbase, took to social media to disclose the company’s strategy in its ongoing legal tussle with the SEC. He asserts that Coinbase’s offerings do not fall under the purview of “investment contracts” and argues that the SEC’s actions overstep the limits set by Congress. Coinbase’s legal manoeuvres are not being viewed in isolation and are heavily influenced by the Ripple case. The outcome of the case could have significant implications for the crypto landscape.
Ripple Case’s Impact on Coinbase’s Arguments
Coinbase’s legal strategy heavily references the Ripple case. If the court rejects previous rulings in the Ripple case, it would create a unique legal niche for XRP. However, the SEC may avoid appealing the Ripple verdict to prevent the matter from escalating to higher courts. The outcome of the court’s decision will have implications beyond Coinbase’s battle with the SEC.
Awaiting the Verdict and Setting a Precedent
The crypto community eagerly awaits the court’s decision and appreciates the thorough examination of the case. The outcome will not only impact Coinbase but may also set a precedent known as “The Ripple Test.” The court’s ruling will shape the future of crypto regulation and the authority of the SEC.
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