Crypto Vs. SEC : Ripple and Coinbase’s Legal Strategy Against SEC’s Inconsistent Statements
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The escalating legal battle between Ripple, Coinbase, and the U.S. Securities and Exchange Commission (SEC) has once again drawn attention to conflicting statements from regulators regarding cryptocurrency regulation. Ripple’s Chief Legal Officer, Stuart Alderoty, recently highlighted the conflicting comments of the SEC and Treasury Secretary Janet Yellen on crypto regulation.
Legal Fraternity Took A Jab at SEC’s and Yellen’s Recent Comment’s
Recently in a series of X posts, Alderoty pointed out that the SEC, in the Coinbase case, downplayed the significance of crypto, referring to it as a “rounding error” and claiming no legislative gaps exist, implying it falls under their authority. On the flip side, Treasury Secretary Yellen emphasized the urgent need for legislative action to address regulatory gaps in the crypto space.
These contradictory statements show how even regulators are not in the same line to address crypto issues. Alderoty stressed that both statements cannot be true, calling for greater clarity and uniformity in regulatory stances regarding crypto.
However, these conflicting statements may help Ripple and Coinbase in their legal battles with the SEC. This make be used as a masterstroke to argue an unfair trial and mislead the court with unclear rules. In both cases, lawyers can advocate for regulators to establish consistent crypto regulation before enforcing actions.
In the meanwhile, Coinbase has entangled in yet another controversy of Songbird (SGB), with lawyer Fred Rispoli accusing the company of converting customer property without authorization. In his X post, Rispoli’s firm has accused Coinbase of taking whatever it can from customers. HODL Law is actively suing Coinbase and closely monitoring the Ripple vs SEC case.
In response to Rispoli, Bill Morgan, has also condemned Coinbase for the SGB controversy, highlighting the ethical implications of keeping or selling tokens not intended for them. Despite the sympathy Coinbase may receive, Morgan suggests that such actions could be grounds for legal action, citing principles for illegal gains.
Any Outcome Soon?
The legal fraternity has mixed views on the possible outcomes in both cases which underscores the high stakes for Ripple and Coinbase in their legal battle and emphasizes the need for strategic maneuvering to navigate the regulatory challenges ahead. Ripple and Coinbase find themselves at a critical juncture, requiring careful handling to withstand the pressures imposed by the SEC.
Filed under: Bitcoin - @ February 8, 2024 10:23 am