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Coinbase and <a href="https://coingape.com/markets/xrp-price-prediction-10-moonshot-or-burst-as-ripple-vs-sec-case-turns-sour/" target="_blank" rel="noopener noreferrer nofollow">Ripple Labs</a> are using Binance’s pivotal legal victory to challenge ongoing cases with the U.S. Securities and Exchange Commission (SEC). Both companies argue that the SEC’s approach needs more clarity and consistency, necessitating formal rulemaking to better define the regulatory perimeter for digital assets.
<h2 id="strong-ripple-coinbase-cite-binance-case-against-sec-strong">Ripple, Coinbase Cite Binance Case Against SEC</h2>
Ripple Labs and <a href="https://coingape.com/coinbase-cites-binance-case-for-interlocutory-appeal-in-sec-lawsuit/" target="_blank" rel="noopener noreferrer nofollow">Coinbase</a> have intensified their legal defenses by referencing a recent court order involving <a href="https://coingape.com/binance-unveils-changes-in-turkey-in-compliance-with-regulation/" target="_blank" rel="noopener noreferrer nofollow">Binance</a>, which achieved a partial dismissal in its SEC lawsuit. The companies argue that this precedent highlights the need for the SEC to establish clear regulations. In its latest court filing, Ripple emphasized the judge’s remark that cryptocurrency does not align seamlessly with existing securities laws, such as those established by the 1946<a href="https://coingape.com/us-sec-takes-major-blow-in-chevron-howey-test-case-implication-for-crypto/" target="_blank" rel="noopener noreferrer nofollow"> Howey Test.</a> This test is crucial for determining whether a transaction qualifies as an investment contract and thus falls under securities regulation.
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Coinbase has concurrently voiced concerns over the SEC’s expansive interpretation of securities laws applied to the crypto industry. The exchange asserts that this broad application could be more extensive and better defined, pushing for a definitive rulemaking process to provide legal clarity. In its appeal, Coinbase cited the recent Binance ruling to bolster its case for rulemaking, arguing that the decision underscores the inconsistencies in current regulatory applications.
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Also Read: <a href="https://coingape.com/bybit-exchange-unveils-support-for-asi-alliance-will-fet-rebound/#:~:text=FET%20is%20currently%20trading%20at,fuel%20a%20major%20growth%20boom." target="_blank" rel="noopener noreferrer nofollow">Bybit Exchange Unveils Support For ASI Alliance, Will FET Rebound?</a>
<h2 id="strong-coinbase-demands-clarity-in-sec-regulatory-battle-strong">Coinbase Demands Clarity in SEC Regulatory Battle</h2>
The SEC has engaged with various cryptocurrency platforms and assets, deeming some of their operations as securities offerings without proper registration. In the case of Ripple, the SEC’s lawsuit initiated in December 2020 alleged that Ripple raised over $1.3 billion through sales of its <a href="https://coingape.com/price/xrp/#:~:text=Live%20Price%20of%20XRP%20(XRP,market%20cap%20stands%20at%20%2427%2C159%2C172%2C453." target="_blank" rel="noopener noreferrer nofollow">XRP token</a>, which the SEC classified as an unregistered security. However, in a significant turn, Judge Analisa Torres ruled that certain “programmatic sales” of XRP did not constitute securities transactions, introducing a nuanced interpretation Ripple now seeks to leverage to challenge broader SEC claims.
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Coinbase faces similar regulatory scrutiny. The SEC argues that the platform operated as an unregistered securities exchange, a claim that Coinbase refutes, urging a formal rulemaking process to clarify these regulatory boundaries. Both Coinbase and Ripple use recent judicial outcomes, notably the Binance case, to argue for a more structured and transparent regulatory framework from the SEC, stressing that the current state of affairs is inefficient and unclear.
<h2 id="strong-crypto-firms-rally-around-binance-court-decision-strong">Crypto Firms Rally Around Binance Court Decision</h2>
The partial victory for Binance in its own SEC lawsuit has become a strategic reference point for other crypto entities embroiled in legal challenges with the regulator. Despite Judge Amy Berman Jackson’s decision to proceed with most of the SEC’s claims against Binance, her dismissal of the charge regarding secondary sales of <a href="https://coingape.com/price/binance-coin/#:~:text=Live%20Price%20of%20Binance%20Coin,market%20cap%20stands%20at%20%2485%2C667%2C577%2C545." target="_blank" rel="noopener noreferrer nofollow">Binance Coin</a> (BNB) as securities has been perceived as a significant legal precedent. Coinbase and Ripple have particularly highlighted this aspect of the ruling in their ongoing litigation.
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Further developments are anticipated, with a scheduled conference for the SEC’s case against Binance set for July 9. Meanwhile, Coinbase and Ripple continue to press for regulatory clarity, which they argue is crucial for the industry’s stability and growth.
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Also Read: <a href="https://coingape.com/genesis-digital-is-considering-going-public-via-ipo-in-us-report/" target="_blank" rel="noopener noreferrer nofollow">Genesis Digital Is Considering Going Public Via IPO In US: Report</a>
The post <a href="https://coingape.com/ripple-and-coinbase-use-binance-win-to-contest-sec-claims/" rel="noopener noreferrer nofollow">Ripple and Coinbase Use Binance Win to Contest SEC Claims</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Ripple and Coinbase Use Binance Win to Contest SEC Claims

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Altri articoli pubblicati su 2 lug 2024

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