The lingering threat of the SEC appealing against the Programmatic Sales ruling remains an XRP headwind.
As the SEC vs. Ripple case nears the deliberation stage, activity in the SEC vs. Coinbase (COIN) could intensify.
SEC vs. Coinbase: Crypto Lawyers and Senate Runner John E. Deaton
On Friday (April 26), Cryptolaw US founder and US Senate Candidate John E. Deaton filed an amicus curiae brief representing 4,701 Coinbase customers.
The amicus curiae brief supports the Coinbase Motion to seek an interlocutory appeal against the ruling on the Coinbase Motion to Dismiss (MTD). In March, Judge Katherine Failla denied the Motion to Dismiss the charges for operating as an unregistered securities exchange.
The preliminary statement referenced the SEC vs. Ripple case and the SEC argument to file interlocutory appeal to contest the Programmatic Sales of XRP ruling, stating,
“The crypto industry, including Coinbase customers, are in desperate need for legal clarity in the United States. Almost everyone, including the SEC in the Ripple case agrees. According to the SEC, substantial grounds for difference of opinion justify an interlocutory appeal.”
In October, Judge Analisa Torres rejected the SEC’s motion to file interlocutory appeal against the Programmatic Sales of XRP ruling.
The outcome of the SEC vs. Coinbase case could have significant implications for the US digital asset space. A Coinbase victory may end the SEC’s reign of regulation through enforcement. A win could also end SEC plans to appeal against the Programmatic Sales of XRP ruling.