The Coinbase lawsuit against the U.S.Securities and Exchange Commission (SEC) is predicted to progress more rapidly than the ongoing Ripple case, according to an anonymous lawyer MetaLawMan’s tweet.The case will bypass the trial court stage, starting in the appellate court, and will not involve discovery, allowing for a potential swifter resolution.Distinguished Legal Team Spearheading the Case Coinbase’s legal team is led by Eugene Scalia, former Secretary of Labor and son of the late Supreme Court Justice Antonin Scalia.With experience in defeating government agencies, including the SEC, the team is well-equipped to handle the lawsuit.Coinbase is seeking a Writ of Mandamus, a court order compelling the SEC to make a decision on the company’s request for rule-making.
While the lawsuit may not directly affect the SEC’s threat to sue Coinbase, it draws attention to the regulator’s contradictory positions regarding its authority to regulate digital assets, says MetaLawMan.
This may influence other judges to take note of the SEC’s inconsistent stances in similar cases.Possible Support from Industry Players and Government Officials It is expected that major industry participants and the House Financial Services Committee or individual members may back Coinbase by submitting amicus briefs.The SEC Commissioners will have to approve any response to the company’s action.
MetaLawMan says there is a small chance that the SEC will agree to engage in rule-making if just one Commissioner withdraws their support for SEC Chair Gary Gensler’s “regulation-by-enforcement” strategy.Analysts’ Positive Outlook on Coinbase Stock Prominent New York-based investment bank H.C.Wainwright analysts have stated that Coinbase is uniquely positioned to benefit from the large and rapidly growing global crypto economy.As the largest publicly-traded crypto exchange in the world, the company is expected to expand its market share in the cryptocurrency sector throughout the remainder of 2023.
The analysts have set a price target of $75 per share for Coinbase stock (COIN), a nearly 40% increase from its current trading price of $53.89.Was this writing helpful? No Yes Qadir AK Qadir Ak is the founder of Coinpedia.He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010.He has also interviewed a few prominent experts within the cryptocurrency space.Leave a Reply [Cancel reply](/news/coinbase-lawsuit-gains-momentum-potential-for-swift-progress-surpasses-sec-v-ripple-case/#respond) Leave a Reply Crypto news Breaking! Bittrex Global Stands Strong Against SEC Lawsuit, Confirms No Services Provided To US Customers In a defiant move, Bittrex Global, one of the leading cryptocurrency exchanges, has confirmed that it will fight against the lawsuit filed by the United States Securities and Exchange Commission (SEC).The company maintains that it has not served US customers, thus questioning the basis of the SEC’s legal action.The SEC Mistakenly Charged Bittrex! In a recent phone interview with CoinDesk, Bittrex Global GmbH CEO Oliver Linch asserted that the US Securities and Exchange Commission (SEC) is “mistaken” in accusing the crypto exchange of violating local securities laws.
Linch’s statement comes in response to the SEC’s charges filed on April 17 against Bittrex Inc.and its former CEO William Shihara for operating an unregistered securities exchange, broker, and clearing agency in the United States.Furthermore, the SEC alleged that Bittrex Global GmbH failed to register as a securities exchange due to its operation of a “single shared order book” with the US-based Bittrex.The regulator claimed that both Bittrex and Bittrex Global should have registered as an exchange since they facilitated the interaction of securities orders from multiple buyers and sellers using “established, non-discretionary methods.” Linch staunchly defended Bittrex Global during the interview, emphasising that the SEC’s allegations are unfounded and demonstrating the company’s determination to challenge the charges.The complaint mentioned that Bittrex offers Bittrex Global the technology required to operate its trading platform, which includes a single matching engine and a shared order book maintained by Bittrex personnel in the United States.Additionally, the complaint highlighted that the design and functionality of the Bittrex Platform bear similarities to registered national securities exchanges, from its display and order book to order matching and trading rules.Bittrex Never Served US Customers Regarding SEC’s allegations, the CEO commented, “We’ve not really seen an explanation as to what the SEC’s thinking is there, why that is of significance.
Suffice to say we think that they’re mistaken in the way they conceive of it legally and in terms of facts.” Bittrex Global CEO Oliver Linch, who took the helm last year, firmly stated that the company never claimed to offer services in the United States.He mentioned that Bittrex Global would vigorously defend its stance that it does not have any customers in the country.
The SEC has recently come under fire from the industry due to a series of enforcement actions and notices of scrutiny that led to some firms, including Bittrex Inc., ceasing operations in the US, either partially or entirely.Industry insiders have criticised the SEC for its approach of regulating through enforcement rather than providing clear regulatory guidance to companies.
Following the lawsuit against Bittrex, SEC Chair Gary Gensler emphasised that the action demonstrates the issues in the crypto markets stem from a lack of regulatory compliance rather than a lack of regulatory clarity.The complaint alleged that Bittrex’s former CEO, Shihara, collaborated with crypto issuers to eliminate language that suggested the assets involved were securities.Linch expressed that it was an unfortunate day for Bittrex, but the closure did not impact his company’s global operations.He confirmed that Bittrex was a completely separate legal entity that catered exclusively to the U.S.
market and its customers.As Bittrex shuts down its operations, Bittrex Global will continue to provide services to clients in the rest of the world as it always has, he said.Last week, SEC’s Gensler encountered challenging inquiries from U.S.lawmakers regarding his approach to the crypto sector.
Meanwhile, the European Parliament approved a significant crypto licensing framework.Linch remarked that the responsibility lies with the U.S.
Congress to establish a regulatory regime if they desire one Was this writing helpful? No Yes Qadir AK Qadir Ak is the founder of Coinpedia.He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010.
He has also interviewed a few prominent experts within the cryptocurrency space.Crypto news Coinbase’s Legal Victory? Pro-XRP Lawyer Drops Bombshell Claim Against SEC! Coinbase has taken legal action against the Securities And Exchange Commision (SEC) due to their lack of response to their filing, which they claim is the primary reason for their decision.Pro-XRP lawyer John Deaton has explained how Coinbase has ‘solid grounds’ and how the crypto industry will eventually triumph in the court.Regarding the XRP case, it is interesting to note that Deaton filed a groundbreaking lawsuit on behalf of XRP, seeking to have the SEC amend its complaint against Ripple by only focusing on XRP coins sold by Ripple’s blockchain payments firm.This would limit the scope of the charges and enable XRP to remain in circulation.
It remains to be seen how this lawsuit will play out in court and what the final decision will be.“I was going to argue the SEC’s decision was a gross abuse of discretion and there was evidence of potential wrongdoing.But the point of the Writ of Mandamus for me was more strategic than legal.I was forcing the SEC to respond and act, knowing that when they do they screw up.” He said that the separation of powers is a critical principle in the US legal system, and it is likely that a judge would consider this principle when ruling on a Writ of Mandamus seeking to limit the SEC’s complaint against Ripple.“I researched Mandamus Writs 2 1/2 years ago.Coinbase is on solid legal grounds here.Over a year ago, I said the Crypto industry will win in court.
The SEC does not have the law on it’s side, and the facts the SEC has created the last 6 years put them on the losing side.” According to his Tweet, the Writ of Mandamus had a strategic purpose in addition to its legal implications.Forcing the SEC to respond and act can indeed have consequences, and it remains to be seen how the SEC’s actions will affect the outcome of the case.Was this writing helpful? No Yes Qadir AK Qadir Ak is the founder of Coinpedia.He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010.He has also interviewed a few prominent experts within the cryptocurrency space.Back to top button Binance, the world’s largest cryptocurrency exchange, has been facing regulatory challenges in recent months.The Commodity Futures Trading Commission (CFTC) has been investigating Binance over concerns that it may have been operating an illegal derivatives exchange.As the investigation continues, the CFTC has revealed that there is currently no “immediate path forward” for Binance to resolve these concerns.
CFTC Is Looking For A Legal Battle With Binance In March 2023, Binance was accused by the Commodities Futures Trading Commission (CFTC) of “willful evasion” of the law and operating an illegal digital asset derivatives exchange.CFTC Commissioner Kristin N.Johnson recently discussed the ongoing case in an interview.In her interview, Johnson emphasized that ongoing litigation issues are typically kept confidential to protect the progress of the case.This is because, in most cases, defendants are presumed innocent until proven otherwise.As a result, the CFTC commissioner refrained from making any prejudgments about what is expected to unfold in the litigation.However, she stated that no decision had been made on whether to settle the case or take it to court; she hopes to find a “path forward” in the regulator’s legal dispute with Binance.Johnson added that the CFTC has been in discussions with Binance to address the company’s conduct after the regulator filed a lawsuit against Binance, its CEO Changpeng Zhao, and its former chief compliance officer last month.
The suit alleges that the platform allowed users in the U.S.to trade derivatives, despite not being authorized to do so and solicited users through its platform.In an interview with CNBC, Johnson said, “We’ve been in continuing conversations with the business to describe what we understand is potentially problematic conduct and to give them an opportunity to explain that conduct and to help us find a path forward.
As of the moment, we can conclude that there is not an immediate path forward.That doesn’t mean there couldn’t be one, and hopefully, there will be one.” CFTC May Move Forward With Dodd-Frank Act According to Kristin N.
Johnson, the agency plans to use a provision from the 2010 Dodd-Frank Act in their legal battle with Binance.This provision, which focuses on the anti-evasion principle, prevents entities from conducting overseas business that can attract or solicit US investors.Johnson notes that this is the first time the CFTC will be employing this provision in a case.
She said: “Our reading of what we’ve seen in terms of evidence suggests that the provision could be applicable in context to Binance.” Coinbase has filed a lawsuit against the U.S.Securities and Exchange Commission, following CEO Brian Armstrong’s promise to take the regulator to court.The exchange is seeking clarity on whether the crypto industry can be regulated under existing securities laws.CFTC Commissioner Kristin N.
Johnson hopes Congress will introduce crypto-specific regulations soon.The industry is currently largely unregulated, but recent events like the FTX exchange implosion and Terra’s stablecoin firm collapse have sparked calls for increased regulation.Was this writing helpful? No Yes Shayan Chowdhury Shayan is a digital nomad and a professional journalist.He delivers high-quality engaging articles to Coinpedia through his in-depth research and analysis.Top posts European Union6 mins ago EU banking regulator suggests the following to reduce risk in crypto sector The European Banking Authority Chair emphasized the diversification of stablecoin reserves for robust risk management.He also stated that while…altcoin36 mins ago Solana enters the AI space, but how has SOL reacted to the news The Solana Foundation announced a $1 million fund for AI and launched a ChatGPT plugin.
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