HODL

Songbird

<p>The post <a href="https://coinpedia.org/news/crypto-vs-sec-ripple-and-coinbases-legal-strategy-against-secs-inconsistent-statements/">Crypto Vs. SEC: Ripple and Coinbase Fight Back Against Unclear Regulations</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>In a growing legal showdown, <a href="https://coinpedia.org/price-prediction/xrp-ripple-price-prediction/">Ripple</a>, Coinbase, and the U.S. Securities and Exchange Commission (SEC) are grappling with conflicting regulatory statements on cryptocurrency. Stuart Alderoty, Ripple’s Chief Legal Officer, recently highlighted the regulatory discord between the SEC and Treasury Secretary Janet Yellen.</p> 
<p>Learn more about this below.</p> 
<h2 class="wp-block-heading" id="h-battling-the-regulatory-contradictions">Battling the Regulatory Contradictions</h2> 
<p>Recently in a series of X posts, Alderoty <a href="https://x.com/s_alderoty/status/1755306072657560024?s=20">pointed </a>out that the SEC, in the Coinbase case, downplayed the significance of crypto, referring to it as a “rounding error” and claiming no legislative gaps exist, implying it falls under their authority. On the flip side, Treasury Secretary Yellen emphasized the urgent need for legislative action to address regulatory gaps in the crypto space. </p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">In Coinbase, the SEC told the judge that crypto is a “rounding error,” no legislative gaps exist and thus, crypto can be “swept” into its authority. Yesterday, Sec. Yellen told Congress crypto legislation is needed to fill regulatory gaps. Both statements can’t both be true. <a href="https://t.co/RcMF42Rro1">pic.twitter.com/RcMF42Rro1</a></p>— Stuart Alderoty (@s_alderoty) <a href="https://twitter.com/s_alderoty/status/1755306072657560024?ref_src=twsrc%5Etfw">February 7, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>These conflicting statements reveal a lack of alignment among regulators. Alderoty stressed the need for clarity and uniformity in crypto regulations.</p> 
<p>Read More: <a href="https://coinpedia.org/news/john-deaton-challenges-security-status-of-bitcoin-ethereum-and-xrp-amid-new-crypto-regulations/">John Deaton Challenges Security Status of Bitcoin, ETH, XRP Amid New Crypto Regulations</a></p> 
<h2 class="wp-block-heading" id="h-coinbase-s-struggles">Coinbase’s Struggles</h2> 
<p>Interestingly, the conflicting statements could benefit Ripple and Coinbase in their <a href="https://coinpedia.org/news/ripple-vs-sec-ripples-strategic-moves-in-ongoing-xrp-lawsuit/">legal battles</a>. Their legal teams might argue an unfair trial due to regulatory ambiguity. Advocating for consistent regulations, lawyers in both cases urge regulators to establish clear guidelines before enforcement.</p> 
<p>Coinbase faces another controversy with Songbird (SGB). Fred Rispoli accuses <a href="https://coinpedia.org/news/the-legal-battle-between-coinbase-and-the-sec-whats-at-stake/">Coinbase</a> of unauthorized conversion of customer property. HODL Law is actively pursuing legal action, closely monitoring the <a href="https://coinpedia.org/news/ripple-vs-sec-lawsuit-could-end-in-7-possible-ways/">Ripple vs. SEC case</a>.</p> 
<p>Bill Morgan condemns Coinbase for the SGB controversy, highlighting the ethical implications. Despite potential sympathy for Coinbase, Morgan warns of legal repercussions for retaining or selling tokens not rightfully theirs.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">You can see from some of the relies that there is some sympathy for the fact <a href="https://twitter.com/coinbase?ref_src=twsrc%5Etfw">@Coinbase</a> never agreed to participate in the SGB snapshot. That does not mean it should have kept/sold SGB tokens not intended for it. If I was bringing such a claim in Australia I would consider a claim… <a href="https://t.co/Oy4giIFcd1">https://t.co/Oy4giIFcd1</a></p>— bill morgan (@Belisarius2020) <a href="https://twitter.com/Belisarius2020/status/1755449084532634084?ref_src=twsrc%5Etfw">February 8, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<h2 class="wp-block-heading" id="h-uncertain-outcomes-ahead"><strong>Uncertain Outcomes Ahead</strong></h2> 
<p>Within the legal community, views on potential outcomes vary. The high stakes for Ripple and Coinbase underscore the need for strategic navigation through regulatory challenges. At this critical juncture, both entities require careful handling to withstand SEC pressures.</p> 
<p>Read More: <a href="https://coinpedia.org/news/yellens-double-standard-calls-for-clear-crypto-rules-while-addressing-crypto-as-risk/">U.S Lags Behind in Crypto Regulations Race: Yellen, Experts Clash on Industry’s Future</a></p>

Crypto Vs. SEC: Ripple and Coinbase Fight Back Against Unclear Regulations

Table of Contents

CoinPedia News

Other articles published on Feb 8, 2024

Retik Finance Shifts Gears, Big Ethereum whales have started to join the Presale

Duke Energy (DUK) Misses Market Expectations with $1.51 EPS in Q4

SEC Extends Oversight To Crypto And DeFi, Commissioner Pierce Disapproves

Rapid Ascent of ID Coin Grabs Market Attention

Navigating the AI Maze: Government Agencies at a Crossroads

Sell signal for 2 overbought cryptocurrencies this week

Join our free newsletter for daily crypto updates!