Coinbase, a major player in the cryptocurrency sphere, has taken a significant legal step in its ongoing battle with the U.S. Securities and Exchange Commission (SEC). The company has filed for an interlocutory appeal, aiming to challenge the SEC’s allegations against it. At the core of Coinbase’s appeal lies the question of the SEC's authority to regulate certain digital asset transactions as "investment contracts," even in the absence of explicit contractual elements.
Coinbase's appeal draws heavily on the ongoing Ripple case, which involves similar SEC allegations regarding the classification of digital assets. By leveraging the Ripple case, Coinbase seeks to highlight the broader implications of the SEC's regulatory approach and the necessity for consistent treatment across the cryptocurrency industry. The company's legal team aims to address these critical questions early on to establish clear regulatory boundaries for the entire ecosystem.
Throughout its interactions with the SEC, Coinbase maintains that it has acted in good faith, seeking constructive dialogue to establish a balanced regulatory framework for crypto innovation in the U.S. However, the company expresses frustration at encountering resistance, shifting stances, and ultimately, litigation from the SEC.
Despite these challenges, Coinbase remains committed to pursuing legal avenues to advocate for clarity and fair treatment within the crypto industry. The company emphasizes that its appeal is not only about its own interests but also about pushing back against regulatory overreach and ensuring the rights of the 52 million Americans involved in crypto ownership are protected.
Ripple’s chief legal officer has welcomed a court ruling confirming that XRP is not a security, though Ripple will pay a $125 million fine related to historical sales. Ripple hopes to avoid further legal action as it focuses on business growth.
SanyaThe crypto exchange is pursuing an appeal following a recent court decision that denied its motion to dismiss, specifically targeting the SEC's authority to classify secondary trades as investment contracts.
CatherineCoinbase files for an interim appeal in its legal battle with the SEC, aiming to challenge the regulator's classification of digital asset transactions as investment contracts. If successful, this move could have significant implications for the U.S. crypto sector.
MiyukiDouble blessings! SEC’s motion to file an interlocutory appeal against Ripple has been denied and the latter has achieved a significant milestone by obtaining a major payments institution license from the MAS.
KikyoLegal expert John Deaton suggests the SEC's challenge could be complex given the nuances of the Howey Test.
BeincryptoThe U.S Securities and Exchange Commission (SEC) is reportedly asking a federal judge to pay...
dailyhodlThe SEC has pledged to appeal the recent ruling that Ripple’s XRP sales didn't violate securities laws, claiming the judge erred.
BeincryptoSEC lawyers previewed a likely appeal to overturn portions of last week’s Ripple Labs in a separate enforcement case against TerraUSD and Luna creators Do Kwon and Terraform Labs.
TheBlockQuick Take The SEC Chair demurred on whether the commission would appeal a federal judge’s split decision in its case against Ripple Labs.
TheBlockAnalysts saw a federal judge’s split decision in the Securities and Exchange Commission’s case against Ripple as a ‘wake-up call’ for the SEC, though the decision could be reversed on appeal. The extent of the decision’s impact beyond Ripple’s case remains to be seen, as the judge declined to rule that some of Ripple’s sales of XRP violated securities law, though sales to institutional investors did.
TheBlock