In the ongoing legal tussle between Coinbase and the U.S. Securities and Exchange Commission (SEC), a recent comment by the pro-XRP lawyer has sparked discussions in the crypto community. Notably, the recent move by Coinbase to seek an interlocutory appeal has caught the attention of market enthusiasts as well as traders alike.

Meanwhile, this development, according to pro-XRP lawyer Bill Morgan, could potentially bolster the SEC’s position in the XRP programmatic sales case. With Coinbase challenging the SEC’s definition of an “investment contract,” the outcome of this appeal could shape the regulatory landscape for cryptocurrencies in the United States.

Coinbase’s Legal Battle Sparks Debate In Crypto Market

Coinbase, a leading cryptocurrency exchange, is intensifying its legal battle against the SEC by filing a brief to pursue an interlocutory appeal. As reported by CoinGape Media, the appeal centers on a crucial question regarding the definition of an “investment contract,” challenging the SEC’s interpretation of the term. Notably, the outcome of this appeal could significantly influence the XRP programmatic sales case, as highlighted by XRP lawyer Bill Morgan.

Meanwhile, expressing the urgency of the situation, Coinbase emphasizes the need for clarity in the rapidly evolving cryptocurrency industry. The exchange contends that the SEC’s actions extend beyond its legislative mandate, potentially stifling innovation in the digital asset space. Besides, the ongoing legal concerns have also raised speculations in the XRP community.

Despite the legal uncertainties, Coinbase remains steadfast in its commitment to advocate for regulatory clarity, not only for its operations but also for the broader crypto community.

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Pro-XRP Lawyer Weighs In

Pro-XRP lawyer Bill Morgan comments on Coinbase’s interlocutory appeal against the SEC, suggesting that a loss for Coinbase could bolster the SEC’s appeal regarding Judge Torres’s finding on XRP’s programmatic sales not being investment contracts. Meanwhile, FOX journalist Eleanor Terrett reports on Coinbase’s motion seeking Judge Failla’s permission for an interlocutory appeal, citing Judge Rakoff’s opinion on digital assets potentially constituting investment contracts under the Howey Test.

In her post, Eleanor Terrett said that the crypto exchange argues that the conflicting judges’ opinions warrant clarification on the application of the Howey Test to digital assets. Notably, interlocutory appeals are challenging to obtain before a final judgment, as evidenced by the SEC’s previous unsuccessful attempt in the Ripple case.

Meanwhile, amid the ongoing debate, the XRP price fell nearly 11% over the last 24 hours and traded at $0.5467, while its trading volume soared skyrocketed 160% to $3.13 billion. However, the recent slump is largely attributed to the ongoing sell-off noted in the broader cryptocurrency market.

Also Read: $925 Million Liquidated As Bitcoin Price Crashes to $65,000, Options Market Jittery

The post Pro-XRP Lawyer: Coinbase Loss Boosts SEC’s Position In XRP’s Programmatic Sales Case appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am