On July 13, the New York court ruled in favor of the cryptocurrency market in the Ripple-SEC case. The US regulator SEC, along with Ripple, is taking legal action against Coinbase and Binance. In recent developments, crypto companies are increasing the pressure.
US senator calls for congressional action
US Senator Cynthia Lummis has urged Congress to take action following the Ripple lawsuit outcome. The Senator notes that the ruling in favor of XRP highlights the importance of Congress introducing a clear crypto framework.
Lummis also underlined the importance of supporting the Howey Test, which is used to determine whether an investment qualifies as a security. He specifically mentioned the Lummis-Gillibrand bill, a legislative proposal he and Senator Kirsten Gillibrand presented.
The senator’s call to action is critical. The ongoing legal battle between Ripple Labs and the SEC has far-reaching implications for the wider crypto industry. The outcome of the lawsuit sets a precedent for how other cryptocurrencies are regulated in the United States.
Without clear guidelines, entrepreneurs and investors remain in a state of uncertainty. This hinders innovation and economic growth in the emerging blockchain space. cryptocoin.comAs you follow, Lummis has taken the final step for a comprehensive crypto law in the past weeks. With the latest move, the case forces the SEC to be a clear regulator.
Coinbase gains partial dominance in SEC lawsuit
Coinbase filed a petition at the end of June to dismiss the SEC lawsuit. The US-based stock market has decided to stop staking services in 4 states today. In recent developments, he received a favorable statement from the judge of the SEC case.
Judge Katherine Failla found it unreasonable for Coinbase to sue despite the SEC’s approval of the IPO. Referring to Coinbase’s IPO record, which was approved by the SEC in April, Failla said it’s understandable that Coinbase thought the Lend program was appropriate. She also said that this is exactly what the SEC has allowed Coinbase to issue form S-1.
The S-1 form is a form used by companies wishing to register their securities with the SEC. The judge also stated that he and Coinbase over-interpreted the release of the S-1, but pointed to the real issue.
Third-party intervention in Binance case
The SEC-Binance lawsuit found a new participant today. Famous for the lawsuit he filed against the Fed in 2018, “Eeon” made new allegations about the two parties. The company will defend its client interests before both Binance and the SEC. Meanwhile, Eeon is also demanding a fine from the duo.
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