The Commission

Prime

Bitcoin ETF

Gary

Ripple and Coinbase chief legal officers join the wider crypto and legal industries to slam the U.S. Securities and Exchange Commission (SEC) over misleading the court and gross abuse of power assigned by the U.S. Congress in the <a href="https://coingape.com/court-sanctions-sec-for-misconduct-in-debt-box-case/" target="_blank" rel="noopener noreferrer nofollow">Debt Box</a> case.
Ripple and Coinbase executives believe the ruling holds further evidence that lawsuits against crypto companies are erroneous and must be dismissed, including Coinbase and Ripple lawsuits. The industry and regulators must work to bring clear guidance for the crypto industry.
<h2 id="ripple-and-coinbase-executives-slam-at-sec-and-gensler">Ripple and Coinbase Executives Slam at SEC and Gensler</h2>
Judge Robert J. Shelby’s opinion in Debt Box case sanctioning the U.S. SEC for abuse of power and lying in federal court is a big decision for the crypto industry. The <a href="https://coingape.com/breaking-us-sec-chooses-to-dismiss-lawsuit-against-debt-box/" target="_blank" rel="noopener noreferrer nofollow">SEC </a>asked the judge to dismiss the lawsuit with prejudice to avoid sanctions and penalties. On the contrary, Debt Box requested the judge to <a href="https://coingape.com/debt-box-wants-secs-dismissal-request-denied-report/" target="_blank" rel="noopener noreferrer nofollow">deny SEC’s</a> dismissal request. Finally, the court ruled in favor of Debt Box and asked the SEC to pay all legal costs for the defendants.
Ripple CLO Stuart Alderoty said the judge sanctioned the SEC for abusing its power to present false, mischaracterized, and misleading evidence. The SEC obtained a temporary restraining order in the controversial $50 million fraud lawsuit against&nbsp;Debt Box.
“If anyone thinks this conduct by this agency under this leadership is limited to this case, I have a bridge in Brooklyn to sell,” asserts Stuart Alderoty. He argues the SEC has confessed to&nbsp;<a href="https://coingape.com/sec-confesses-to-false-statements-in-debt-box-case/" target="_blank" rel="noopener noreferrer nofollow">false statements</a> in the Debt Box lawsuit and the SEC’s actions in other crypto lawsuits are no different.
Coinbase CLO Paul Grewal also calls out the SEC for undermining the integrity of court proceedings and the judicial process. He is dissatisfied with the SEC’s politically biased approach under Chair Gary Gensler and gradually diminishing the credibility of the securities regulator.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 The worst part of all: guess who pays the sanctions? You, me and every US taxpayer. The Commission just foisted a bill onto every one of us for their litigation misconduct.
 — paulgrewal.eth (@iampaulgrewal) <a href="https://twitter.com/iampaulgrewal/status/1769849079478300953?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 18, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Also Read: <a href="https://coingape.com/slerf-price-rallies-65-jupiter-htx-beeple-extend-support/" target="_blank" rel="noopener noreferrer nofollow">Slerf Price Rallies 65% As Jupiter, HTX, &amp; Beeple Extend Support</a>
<h2 id="lawyers-says-it-s-a-sad-day">Lawyers Says “It’s a Sad Day”</h2>
Other lawyers including James “MetaLawMan” Murphy and Bill Morgan criticized the SEC lawyers for unfaithful allegiance to the law and intentionally bringing actions against the crypto industry.
They said, “It is a sad day”. The opinion will be cited by litigants in cases to come. Lawyers believe it’s time for the SEC to answer accountability to the Congress.
Moreover, the SEC also denied Coinbase’s <a href="https://coingape.com/breaking-coinbase-files-first-brief-in-secs-rulemaking-denial-lawsuit/" target="_blank" rel="noopener noreferrer nofollow">petition for rulemaking</a> to bring clear regulations and guidance for the crypto industry. Now, Coinbase and other bodies such as the U.S. Chamber of Commerce lobby for crypto regulatory clarity in the U.S., especially after the spot Bitcoin ETF trading.
Also Read: <a href="https://coingape.com/binance-assigns-prime-brokers-to-conduct-checks-to-identify-us-investors/" target="_blank" rel="noopener noreferrer nofollow">Binance Assigns Prime Brokers to Conduct Checks to Identify US Investors</a>
The post <a href="https://coingape.com/ripple-coinbase-clo-call-out-sec-misleading-courts-crypto-suits/" rel="noopener noreferrer nofollow">Ripple, Coinbase CLO Call Out SEC for “Misleading” Courts In Other Crypto Suits</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Ripple, Coinbase CLO Call Out SEC for “Misleading” Courts In Other Crypto Suits

Table of Contents

Coingape News Media

Other articles published on Mar 19, 2024

Ledger reports massive Solana congestion, SOL sinks 12%

This Ethereum ETF Applicant Adds Staking Rewards

UK FCA Cracks Down on Crypto Fraud with New Market Abuse Regime

Crypto lover French Hill wants to lead House Financial Services Committee

2024 Predictions: Ethereum (ETH) Surges, KangaMoon (KANG) and Polkadot (DOT) Holders Stack Up for...

Ethereum’s Bold Ascent: Analyst Predicts ETH’s Rise to $8,000

Join our free newsletter for daily crypto updates!