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The US’s biggest crypto exchange, Coinbase is dealing with legal scrutiny of the Securities and Exchange Commission (SEC). However, recent court actions suggest that the commission making the industry wait for clear crypto trading linked rules. This comes in when the US SEC bagged a partial win in the <a href="https://news.todayq.com/sec-vs-ripple-a-crucial-battle-crypto-industry/" target="_blank" rel="noopener noreferrer nofollow">lawsuit against Ripple</a>. Ripple legal head highlights SEC’s tactics 
Stuart Alderoty, Chief Legal Officer at Ripple, highlighted conflicting statements regarding c<a href="https://news.todayq.com/ripple-coinbase-push-back-on-sec-over-crypto-rules/" target="_blank" rel="noopener noreferrer nofollow">rypto regulation</a> during the legal battle between Coinbase and the SEC. In the ongoing lawsuit, the commission reportedly characterized crypto as a “rounding error.”
This suggests that no legislative gaps and asserting its authority. However, Treasury Secretary Janet Yellen had advocated for crypto legislation to address regulatory gaps in a Congressional hearing.
Paul Grewal, Chief Legal Officer at Coinbase, made a comment about Alderoty’s point. He mentioned the need for legislative clarity. The similarity in views showcases the regulatory uncertainty surrounding crypto, with regulatory bodies providing mixed messages.
US lawmakers, including Senator Cynthia Lummis, responded to Yellen’s call for crypto legislation. Lummis endorsed the need for regulatory frameworks. She mentioned the Lummis-Gillibrand bill proposed in 2022.&nbsp;
As per reports, the Responsible Financial Innovation Act aims to provide the Commodities Futures Trading Commission (CFTC) with increased oversight of the US digital asset space. The bill enjoys support across the crypto market in the United States. Congress to rescue? 
Janet Yellen testified before the House Financial Services Committee. It was focused on digital assets’ risks and emphasized the enforcement of rules. She urged Congress to pass legislation for the regulation of stablecoins and the spot market for non-securities crypto assets.
The contradictory regulatory stances highlight the ongoing debate and the urgent need for clear rules to provide clarity to the crypto space.
As reported earlier, Coinbase faced tough questioning from US District Judge Katherine Polk Failla. This critic comes in as the crypto exchange sought the dismissal of the SEC’s lawsuit accusing the exchange of violating securities rules.&nbsp;
The judge focused on the legal definitions of securities and the SEC’s classification of certain crypto tokens as investment contracts. The crypto exchange argues that digital assets are not securities. While it challenged the SEC’s regulatory jurisdiction. The outcome of this case may set important legal rules for the classification and regulation of digital assets in the United States.
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Ripple’s Legal Chief notes contradictions in Coinbase-SEC case

Todayq News

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