Coinbase and Ripple Seek to Use Binance Decision as Precedent in Legal Battle with SEC
Leading cryptocurrency companies Coinbase and Ripple Labs are strategically looking to use a recent court decision in the SEC’s case against Binance to strengthen their own legal fights with the U.S. Securities and Exchange Commission (SEC).
In their court filings, both Coinbase and Ripple highlighted the importance of clear regulations in the digital assets space, pointing to a significant decision in the Binance case.
Coinbase, in its filing on Tuesday, emphasized the necessity for the SEC to establish rules for digital assets, criticizing the agency’s inconsistent and retrospective approach.
Last week, U.S. District Court for the District of Columbia Judge Amy Berman Jackson denied Binance’s request to dismiss its lawsuit with the SEC, but also rejected some of the SEC’s allegations, including the classification of secondary sales of Binance Coin (BNB) as securities.
The dismissal of the secondary selling charge was well-received in the crypto industry, with legal experts interpreting the decision as a signal that rulings in crypto-related cases should be made on an individual basis.
*This is not investment advice.
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