Bitcoin

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Coinbase vs US Securities and Exchange Commission (SEC) is witnessing a huge turn of events as John Deaton is reportedly jumping into the intense <a href="https://news.todayq.com/coinbase-vs-sec-whats-at-stake-for-crypto-market/" rel="noopener noreferrer nofollow">legal battle</a>. It is expected that this court filing is going to put on a huge weight and grab more attention from the crypto community. XRP lawyer set to make come back 
Eleanor Terrett, FoxBusiness journalist, reported that the candidate for the Massachusetts Senate is preparing to file an amicus brief in support of Coinbase’s motion for an interlocutory appeal. She mentioned that in the brief, Deaton has highlighted the critical need for legal clarity regarding digital assets. The attorney has cited the SEC’s inconsistent approach to regulation and its negative impact on the industry.
She mentioned that in order to prove a point, the Senate candidate cites legal cases like Ripple, LBRY.com, and Telegram. However, the attorney has also used the prior statements from the SEC and letters from regulators and lawmakers showing concerns over the regulator’s actions.&nbsp;
The attorney had criticized the SEC’s lack of consistency. This includes its shifting position on whether crypto tokens are securities and its “ecosystem is the security” argument.
Deaton argues against the notion that Bitcoin is not a security. This is because it lacks an ecosystem, calling it “plain dumb.” This statement comes in when Coinbase is challenging the SEC’s stance on digital assets in court.
It is important to note that Deaton played a crucial role in the long running legal battle between Ripple and SEC. He represents the XRP holders’ stance in the legal battle as an amicus curiae. Can the SEC win this? 
As reported, the US’s biggest crypto exchange filed for an interlocutory appeal. It is looking to address a specific legal disagreement with the commission. This is completely linked to digital asset transactions. The appeal aims to clarify whether the SEC can treat such transactions as investment contracts when they are not linked to any legal obligation from the asset’s original issuer.
The use of the Howey test used by the commission to check if digital asset transactions qualify as securities has led to uncertainty in the industry. The exchange argues that the divergent judicial outcomes. It mentions divided opinions from lawmakers and regulatory agencies highlighting the complexity of the subject matter.
While interlocutory appeals are typically challenging, if granted, they could move the industry closer to a definitive ruling, potentially even reaching the US Supreme Court. This would provide much-needed clarity on whether digital assets fall under the watchdog’s jurisdiction once they enter secondary markets.

US Senate candidate jumps into Coinbase vs SEC battle

Todayq News

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