Leading cryptocurrency firms Coinbase and Ripple Labs are looking to strategically leverage a recent judicial decision in the SEC's case against Binance to bolster their own legal battles with the U.S. Securities and Exchange Commission (SEC).
Ripple and Coinbase Try to Take Advantage of Judge's Decision in SEC's Binance Case
In court filings, both Coinbase and Ripple underlined the need for regulatory clarity in the digital assets space, citing a landmark decision in the Binance case.
Coinbase's court filing on Tuesday emphasized the need for the SEC to engage in rulemaking regarding digital assets, criticizing the agency's approach as inconsistent and retroactive.
“Binance also supports the SEC's engagement in rulemaking regarding digital assets,” Coinbase said in its filing. “As Coinbase explains, rulemaking is necessary here.
Because the SEC has taken a new and comprehensive, but still vague, view of securities laws. This is a view he has never consistently explained, but has attempted to retroactively impose on the digital asset industry.
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.
However, he rejected some of the SEC's allegations, including the classification of secondary sales of Binance Coin (BNB) as securities.
Judge Jackson's dismissal of the secondary selling charge was welcomed within the crypto industry. Legal experts interpreted the decision as an indication that decisions in crypto-related cases should be made on an individual basis.
*This is not investment advice.
