Coinbase Asks Judge to Drop SEC Lawsuit
Coinbase has filed a motion in federal court in Manhattan, requesting the judge to dismiss the SEC lawsuit against them. The motion argues that the SEC lacks authority over Coinbase’s activities, citing a recent ruling regarding the classification of Ripple Labs’ XRP.
Key Points:
- US District Judge Analisa Torres’ ruling on July 13 differentiated between institutional XRP sales (considered securities) and public sales (deemed not securities).
- This ruling has provided clarity on regulations in the crypto sector, leading to a surge in the value of most coins.
- James A. Murphy (MetaLawMan), a prominent Financial Services Lawyer, emphasized the significance of Judge Torres’ decision, which was cited 13 times in Coinbase’s motion to dismiss the SEC’s case.
- The Ripple verdict and legal proceedings have had positive effects on the broader crypto world, including Ethereum (ETH) and Bitcoin (BTC).
- The SEC lawsuit against Ripple Labs, Christian Larsen, and Brad Garlinghouse alleges unregistered securities offerings and the accumulation of $1.3 billion since 2013.
Hot Take: Coinbase’s motion to dismiss the SEC lawsuit demonstrates the importance of the Ripple verdict in setting clearer regulations for the crypto market. This ruling has not only benefited Ripple but also had a positive impact on other cryptocurrencies. The outcome of the lawsuit will likely shape the future of the crypto sector and its compliance with securities laws.
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