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The cryptocurrency market is known for its volatility. In recent weeks, the news cycle has been dominated by two stories: the Securities and Exchange Commission’s inability to appeal a Ripple Labs court decision and Coinbase's ongoing legal battle with the regulator.
Judge Rules Against SEC Appeal
On October 3, 2023, a federal judge ruled that the SEC cannot appeal her decision involving Ripple Labs. The judge found that the SEC did not have a "substantial ground for difference of opinion" regarding her ruling and that the appeal would not significantly advance the case.
The SEC had sought permission to appeal U.S. District Judge Analisa Torres’ findings about “programmatic” sales of XRP and about “other distributions” of XRP as a means of payment. The decision is not a complete loss for the SEC, though. The judge set an April 2024 trial date for other issues that still need resolution.
The SEC's lawsuit against Ripple Labs has been ongoing for over two years. The SEC alleges that Ripple raised over $1.3B through an unregistered securities offering by selling XRP. Ripple has denied the allegations, arguing that XRP is a utility token and not a security.
The judge's ruling in favor of Ripple Labs was a major victory for the cryptocurrency industry. It was the first time that a court had ruled that XRP is not a security. The ruling is also seen as a setback for the SEC's efforts to regulate the cryptocurrency market.
Coinbase Faces SEC Legal Challenges
Separately, the SEC has asked a judge to deny Coinbase's motion to dismiss its lawsuit against the cryptocurrency exchange.
The SEC also cited a recent ruling in the case of Terraform Labs, which rejected the court's reasoning in the Ripple Labs case. The SEC argued that the Terraform Labs ruling was more persuasive and that it showed that Coinbase's motion to dismiss should be denied.
Coinbase has responded to the SEC's request to deny its motion to dismiss, calling it "more of the same old same old." The company has also said that it is confident that it will prevail in its legal battle with the SEC.
In a thread on X, Coinbase's chief legal officer, Paul Grewal, said that the SEC's filing is full of factual inaccuracies and legal misstatements, stating that the SEC is "trying to rewrite the law" and that its case against Coinbase is "meritless."
Coinbase has also said that it is committed to working with regulators to ensure that the cryptocurrency industry is safe and fair for investors. However, the company has also said that it will not allow the SEC to "regulate by enforcement" and that it will fight the SEC's lawsuit vigorously.
The outcome of the SEC's case against Coinbase is likely to have a significant impact on the cryptocurrency industry. If the SEC is successful, it could lead to increased regulation of the industry and could make it more difficult for cryptocurrency exchanges to operate in the United States. If Coinbase is successful, it could help legitimize the cryptocurrency industry and make it more attractive to investors.
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