Ripple and Coinbase see hope in SEC’s Binance ruling

Coinbase and Ripple have expressed doubts about the lack of clarity in cryptocurrency regulations. The Securities and Exchange Commission rejected Binance’s claim that Binance Coin’s secondary sales were securities. 

Coinbase and Ripple will leverage their cases with the U.S. SEC. The recent court order has given Binance a significant advantage in shaping the perception of cryptocurrency secondary sales. Binance urged the Securities and Exchange Commission to participate in rulemaking regarding popular digital assets like cryptocurrency.

The current context in which the SEC has adopted a fresh perspective and view of the securities laws underscores the importance of rulemaking regarding digital assets. In the context of the digital asset marketplace, the Securities and Exchange Commission’s stance is a retroactive measure. 

The dismissal of the allegation against Binance has been met with support from legal experts in the cryptocurrency industry. The most recent court order indicates that cryptocurrency rulings should be determined on a case-by-case basis. Binance’s perspective reiterates the necessity of the court mandating that the SEC commence rulemaking.

The SEC and Ripple have been involved in a protracted legal battle. The legal battles between the Securities and Exchange Commission and Coinbase, Binance, and Ripple are ongoing. 

The SEC filed a case against Binance for lying to customers and not restricting American customers’ access to Binance.com. The American financial regulatory authority accused Binance of functioning as an unregistered exchange. The CEO is facing imprisonment for his alleged involvement in the Binance scandal. The new court ruling’s impact on the international cryptocurrency market remains uncertain.

Ripple Labs and Coinbase are two prominent market leaders in the global cryptocurrency industry. This development coincides with a growing demand for clarity in the regulatory framework governing the digital asset marketplace. It is a clear indication of frustration shared unanimously by two cryptocurrency tycoons, and Binance, another major player in the crypto market, has joined the legal battle. The new court ruling has become a significant reference point for both Coinbase and Ripple Labs. The judge highlighted the importance of adhering to a proven American legal model.

The new judgment has become a hot topic of debate among the global cryptocurrency community. The argument for Ripple Labs revolves around the need to clarify the legal stance on XRP token sales. Ripple and Coinbase share viewpoints similar to those of the SEC, although minor details differ. 

Allegations suggest that Coinbase functions as an unregistered securities exchange, while Ripple is confronting severe legal action for the unapproved sale of XRP. The current legal issues point toward the growing industry demand for transparency and consistency in regulatory mechanisms. 

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Recent developments prove that the crypto industry requires a stable and robust legal environment. The outcome of the judicial decision will set a precedent for cryptocurrency regulation in America.

Harsh Chauhan

Harsh Chauhan is an experienced crypto journalist and editor at CryptoNewsZ. He was formerly an editor at various industries and has written extensively about Crypto, Blockchain, Web3, NFT and AI. Harsh holds a Bachelor of Business Administration degree with a focus on Marketing and a certification from the Blockchain Foundation Program. Through his writings, he hold the pulse of rapidly evolving crypto landscape, delivering timely updates and thought-provoking analysis. His commitment to providing value to readers is evident in every piece of content produced.

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