Strong

The leading crypto exchange, Coinbase recently filed a reply to the court requesting permission to file an interlocutory appeal with the 2nd Circuit. Notably, pro-XRP lawyer MetaLawMan has weighed in on the development with his recent views, sparking discussions in the broader market. 
For context, in a recent X post, the lawyer praised Coinbase’s strong arguments, highlighting the potential for this case to fast-track critical questions about the SEC’s authority over digital assets. 
<h2 id="span-data-preserver-spaces-true-xrp-lawyer-lauds-coinbase-s-strong-arguments-span">XRP Lawyer Lauds Coinbase’s Strong Arguments</h2> 
MetaLawMan commended <a href="https://coingape.com/glossary/coinbase/" target="_blank" rel="noopener">Coinbase’s</a> legal team for their compelling case for an interlocutory appeal. He noted that it’s inevitable that the question of whether digital assets traded on exchanges are securities will reach the 2nd Circuit. However, the timing and the specific cases that will present the issue are the only uncertainties. 
In addition, he pointed out that petitions for interlocutory appeals&nbsp;are rarely granted. However, the Coinbase case, given its significance and the robust arguments presented, seems particularly well-suited for fast-tracking to the 2nd Circuit. Besides, MetaLawMan emphasized that the core issue at stake is of immense importance to the entire <a href="https://coingape.com/glossary/cryptocurrency/" target="_blank" rel="noopener">cryptocurrency</a> industry. 
For context, <a href="https://coingape.com/coinbase-clo-ethereum-etf-approval-confirms-ethereum-commodity-status/" target="_blank" rel="noopener">Paul Grewal</a>, Coinbase’s Chief Legal Officer, has recently disclosed and stressed the importance of their request. He explained that their appeal seeks to determine if the SEC can regulate digital asset transactions as “investment contracts” without any contractual basis.&nbsp; 
In addition, Grewal highlighted that even the SEC acknowledged the significance of this issue in the <a href="https://coingape.com/fit21-crypto-bill-ripple-vs-sec-torres-decision-xrp-army-impact-in-fit21-crypto-bill/" target="_blank" rel="noopener">Ripple case</a>, recognizing the “industry-wide significance” and the “substantial grounds for difference of opinion.” Besides, Grewal also mentioned that Coinbase has been consistent in its efforts to seek clarity from the SEC.&nbsp; 
Meanwhile, the company approached the SEC in good faith to discuss a workable regulatory framework for crypto innovation in the&nbsp;U.S.&nbsp;However, these efforts&nbsp;were met&nbsp;with resistance, changing positions, and litigation from the SEC, according to Grewal. 
Also Read: <a href="https://coingape.com/shiba-inu-team-confirms-major-airdrop-on-shibarium-whats-in-store/" target="_blank" rel="noopener">Shiba Inu Team Confirms Major Airdrop On Shibarium, What’s In Store?</a> 
<h2 id="span-data-preserver-spaces-true-clarity-and-the-future-of-crypto-regulation-span">Clarity and the Future of Crypto Regulation</h2> 
<a href="https://coingape.com/coinbase-appeals-sec-suit-leverages-ripple-case-as-precedence/" target="_blank" rel="noopener">Coinbase’s request</a> for an interlocutory appeal underscores its commitment to seeking clarity for the crypto industry and pushing back against what it perceives as the SEC’s overreach. Grewal emphasized that this appeal is critical not just for Coinbase but for the entire crypto industry and the 52 million Americans who own crypto.&nbsp; 
In addition, he pointed out that the need for clear rules has been recognized by the House, and Coinbase is seeking similar clarity through the courts.&nbsp;Notably, in his remarks, Grewal stated that&nbsp;regardless of the timeline,&nbsp;Coinbase&nbsp;is dedicated&nbsp;to seeing this issue through.&nbsp; 
Meanwhile, he believes that pushing back against overzealous regulators and establishing clear, workable <a href="https://coingape.com/glossary/crypto-regulation/" target="_blank" rel="noopener">crypto regulation</a> is essential for the future of the digital asset space. Coinbase’s resolve reflects the broader industry’s&nbsp;demand for&nbsp;regulatory clarity and fairness. 
However, the <a href="https://coingape.com/ether-commodity-status-cause-sec-dilemma-coinbase-battle-xrp-lawyer-says/" target="_blank" rel="noopener">XRP lawyer</a> has previously expected Coinbase to file for a re-hearing, given the recent Ethereum’s commodity status by the&nbsp;U.S.&nbsp;SEC.&nbsp;Simultaneously, the relation between Coinbase and <a href="https://coingape.com/breaking-coinbase-restores-support-for-xrp-in-new-york-xrp-jumps-3/" target="_blank" rel="noopener">XRP</a> has also been&nbsp;in discussion&nbsp;lately,&nbsp;after the leading crypto exchange announced&nbsp;the re-list&nbsp;of&nbsp;the XRP token for the&nbsp;NY users on its platform. 
Also Read: <a href="https://coingape.com/toncoin-sees-whale-transactions-of-1-million-ton-price-rally-to-continue/" target="_blank" rel="noopener">Toncoin Sees Whale Transactions of $1 Million, TON Price Rally to Continue?</a> 
The post <a href="https://coingape.com/coinbase-lawsuit-xrp-lawyer-lauds-coinbase-strong-arguments-sec-battle/">Coinbase Lawsuit: XRP Lawyer Praises Coinbase Arguments In SEC Battle</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Coinbase Lawsuit: XRP Lawyer Praises Coinbase Arguments In SEC Battle

Table of Contents

Coingape News Media

Other articles published on May 25, 2024

Ripple Analyst Confident About XRP Price Hitting $1,000 per Token, Explains How Crypto Works

Elon Musk reportedly building ‘Gigafactory of Compute’ for AI

Ethereum, KangaMoon, and Chainlink Rally; Analysts Predict Bullish Trends for Solana and BNB

US SEC Influences South Korean Financial Regulators

European Union Evaluates ChatGPT’s Compliance with Laws

Starknet Token Activity Dives as 3AC Liquidator Makes Major Binance Transfer

Join our free newsletter for daily crypto updates!