US Securities and Exchange Commission (SEC) with Ripple (XRP) There has been a significant development in the ongoing XRP lawsuit between Labs.
USA’s largest cryptocurrency exchange coinbasehas petitioned the federal court to become involved in the XRP lawsuit.
In this application, Coinbase sued the SEC. Ripple He stated that he wanted to submit a summary judgment in his case claiming that it failed to provide adequate guidance for the crypto industry.
Coinbase in its application “Before the SEC can sanction any agency or company, the company must give fair notice that its conduct is illegal. So before the SEC can impose a sanction, it must somehow inform the public that the company’s activity is illegal.” said.
Paul Grewal, the chief legal officer of Coinbase, made the following statements in his post on Twitter:
“Coinbase has asked Judge Torres for permission to file an amicus briefing on XRP in the SEC case.
Our point is pretty simple: This is a textbook example of how critical fair notice is to any reasonable notice of legal action under the law.
One of the key due process protections guaranteed by our Constitution is that government agencies cannot condemn behavior as a violation of the law without giving fair notice that the behavior is illegal.
The SEC overlooked this fundamental principle by suing XRP token vendors after making public statements that these transactions were legal.”
Earlier today, @coinbase asked Judge Torres for permission to file an amicus brief in the SEC case over XRP. Our point in pretty simple: this is a textbook case of just how critical fair notice is any reasonable notice of due process under law. 1/3 pic.twitter.com/qhSSGrNgJK
— paulgrewal.eth (@iampaulgrewal) October 31, 2022
The Coinbase application also “While some crypto projects, such as Ripple and Ripple, are subject to extensive sanctions review, others, projects with nearly identical products or services to Ripple, have apparently not been subject to any sanctions.” said.
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