The post Will Coinbase Win Against SEC? XRP Lawyer Shares the Possible Outcome appeared first on Coinpedia Fintech News
The recent challenges faced by the U.S. Securities and Exchange Commission (SEC) in proving its cases have sparked uncertainty in the cryptocurrency market. As the legal showdown between Coinbase and the SEC continues, prominent pro-XRP lawyer John Deaton has offered his perspective, giving Coinbase a 25% chance of success based on its Motion to Dismiss (MTD) claims. This development has injected a glimmer of hope into companies navigating the U.S. market, as concerns about regulatory pressures impacting the crypto space persist.
John Deaton’s Insights:
In the ongoing legal battle, John Deaton, who represents XRP holders in the Ripple vs. SEC lawsuit, is sharing insights on Coinbase’s case. He highlights the significance of not solely relying on Coinbase’s potential victory, but rather uniting as a community to amplify their voices.
Referring to his Twitter post, Deaton’s stance is supportive of Coinbase, offering his assistance if needed.
Precedent from XRP Ruling:
The Coinbase vs. SEC case draws inspiration from a favorable ruling in the XRP case, which sets a precedent asserting that assets traded on cryptocurrency exchanges might not necessarily be classified as investment contracts. This precedent could significantly impact the outcome of Coinbase’s legal proceedings.
Parallel with ETF Approval
Optimism has surged within the crypto industry following the approval of a Bitcoin Exchange-Traded Fund (ETF) by a three-judge appeals panel in Washington. This landmark decision not only marks a legal victory for the crypto sector but also contributes to the upswing in Bitcoin’s price.
Ironically, criticism has arisen regarding the SEC’s contrasting actions—suing Coinbase while greenlighting an ETF backed by a trading provider it’s in conflict with. [Twitter link]
Grayscale’s ETF Consideration:
Grayscale’s contemplation of converting its Bitcoin Trust into an ETF is perceived as a strategic move to unlock approximately $5.7 billion from its holdings. The broader crypto industry views the potential launch of a Bitcoin ETF, tied directly to the cryptocurrency itself, as a significant milestone. This development signifies heightened acceptance and accessibility.
The approval of the Bitcoin ETF presents an opportunity for Coinbase to strategically position itself in its legal battle against the SEC. By leveraging the positive sentiment surrounding this milestone, Coinbase could potentially strengthen its case.
The SEC’s recent struggles to prove its cases have cast a shadow of uncertainty over the crypto market. Amid the ongoing legal clash between Coinbase and the SEC, insights from John Deaton and the precedent set by the XRP ruling are providing a glimmer of hope. The approval of a Bitcoin ETF adds another layer of positivity, offering Coinbase a potential advantage in its legal confrontation with the SEC. As the industry watches closely, the outcome of these events could significantly influence the regulatory landscape for cryptocurrencies in the United States.
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