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The cryptocurrency world saw some crucial legal battles and a high-profile sentencing this week. Several <a href="https://news.todayq.com/can-coinbase-still-win-it-against-us-sec-whats-next-in-the-case/" rel="noopener noreferrer nofollow">court rulings</a> have sent shockwaves through the industry. However, it also raised questions about regulatory clarity and the accountability of key players. Crypto industry is looking for clarity 
Stuart Alderoty, Chief Legal Officer at Ripple in a post highlighted the ongoing legal troubles faced by the crypto sector. He noted that despite the US Securities and Exchange Commission’s (SEC) efforts to provide clarity through the DAO report seven years ago, the agency is still struggling in eight major crypto cases.
He added that this is going with no resolution in sight. Alderoty’s remarks show a growing frustration within the industry over regulatory uncertainty.
Paul Grewal, Chief Legal Officer of Coinbase addressed the court’s decision that the SEC’s case will move forward on most of the claims. However, the court had dismissed the claims against Coinbase Wallet.&nbsp;
Coinbase’s CLO mentioned that they are prepared for this and are looking forward to uncovering more about the SEC’s internal views on crypto regulation.
Eleanor Terrett, a journalist at Fox Business moved the spotlight on the outcomes of recent court rulings. She cited Custodia Bank’s setback in its case against the Federal Reserve, while another is the SEC’s successful moves in its lawsuit against Coinbase.&nbsp;
Furthermore, there is the case where Ripple faces the prospect of a $2 billion fine for alleged institutional sales of XRP. This has added further to the legal woes of prominent crypto entities. What are these troubles? 
All these cases had managed to put a halt to the ongoing crypto’s bullish run. The global crypto market cap had declined marginally over the last 24 hours. It now stands at $2.65 trillion. The biggest digital asset, Bitcoin (BTC), price registered a gain of more than 8% in the last 7 days, which reflects a slight decline in the positive momentum.
If we take a look at the legal battles, the Custodia Bank vs. Federal Reserve lawsuit ended in favor of the Fed. The judge denied Custodia’s request for a Master Account and dismissed claims of violations of the Administrative Procedure Act. Despite this Custodia is open to options.
Meanwhile, the sentencing of once hailed as the ‘Crypto-King’ SBF, to 25 years in prison for defrauding customers highlights the legal system’s crackdown on crypto scams. His fall from grace, from leading the biggest emerging crypto exchange to facing imprisonment, gives out a cautionary tale for the industry.

Legal battles, sentencing shakes Crypto world this week

Todayq News

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