The Securities and Exchange Commission says its appeal against Ripple Labs should be resolved quickly as it has implications for other ongoing lawsuits. The regulator sued Ripple in 2020, saying the company profited off sales of the XRP token, while failing to register it as a security.Coinbase has already deployed the XRP ruling in its court battle with the SEC.Crypto lawyers say exchanges like Coinbase and Binance could use the XRP ruling to boost their court battles with the commission.The SEC’s response to last week’s Third Circuit was therefore inadequate to provide clarity on crypto asset regulation. The regulator failed to commit to a deadline despite explicit orders from the court. Grewal pointed out that the SEC accepted that no decision was made on new crypto rules. For more information on the hearing, check this update.Ĭoinbase’s Chief Legal Officer, Paul Grewal, tweeted an update on the exchange’s partial win against the regulator. According to a New York Times report, the judge called out the SEC for being “inefficient and cumbersome” in its lawsuit against Binance, tipping the scales in the exchange’s favor. Both platforms were slammed by lawsuits by the US financial regulator, accusing them of the sale of unregistered securities and several other counts of violations of securities laws.īinance’s hearing on Tuesday saw presiding Judge, Amy Berman Jackson, suggesting that the exchange and the regulator negotiate an agreement and file an update by Thursday, June 15. #Binance and Coinbase score partial wins against the SECīinance and Coinbase are two of the largest cryptocurrency exchanges in the crypto ecosystem. The SEC has no new rules on classification or identification of securities and non-securities, therefore showing the underlying weakness in their allegations against the two leading crypto exchanges. The second win is defense for crypto exchanges that are suffering allegations of the sale of unregistered securities. One, Ripple’s legal team argued that the SEC had no clear understanding of what constitutes a security and used “made-up tests” to infer that Ethereum is a non-security, strengthening its defense that the regulator has provided no clarity or guidance before claiming that XRP is a security. The release of the Hinman documents landed two wins in the crypto ecosystem. COIN climbed 4.42% as of June 14, recovering from its losses from the past week.Īlso read: XRP price settles above $0.50, wiping out gains from Hinman documents release SEC vs. The regulator highlighted that there are no new decisions on crypto rules and did not commit to another deadline in the case. BNB price recouped its losses as sentiment among holders turned bullish.Ĭoinbase received the SEC’s response on rule-making in crypto. Meanwhile, the judge presiding over Binance's hearing urged the SEC and Binance to reach common ground and negotiate, setting a deadline of June 15 for the next update. XRP price hit a peak of $0.5649 on Tuesday before pulling back to $0.5015 on Binance. After engaging in la ong legal battle with the Securities and Exchange Commission (SEC), Ripple successfully got Hinman's emails publicly released. June 13 marked a key milestone in the crypto ecosystem’s history. Several altcoins started their recovery in response to the developments in the SEC’s lawsuits against Binance and Coinbase. Ripple successfully got the Hinman documents unlocked and available for public view after an arduous legal battle. Binance and Coinbase concluded key hearings in the SEC’s lawsuit against the two exchanges as of Tuesday.
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