Coinbase, the largest US crypto exchange, filed a petition appeal in the SEC lawsuit on June 29. Shortly after that, another popular Bitcoin exchange dismisses the lawsuit filed against it.
Another Bitcoin exchange implemented Coinbase’s method
US-based Bitcoin exchange Bittrex has moved to dismiss the lawsuit filed against it by the SEC. Lawyers for the stock market on Friday suggested that the court should drop the SEC case. Similar to the Binance and Coinbase lawsuits, the SEC initiated legal proceedings for selling unregistered securities within Bittrex.
Following the SEC lawsuit, Bittrex shut down its US operation, blaming the regulatory and economic environment in the country. However, despite the bankruptcy of its US arm, Bittrex refuses to be tipped and defeated. Now, following in the footsteps of Coinbase, she is filing a counterclaim to drop her SEC case.
Crypto exchanges defend against SEC lawsuits
Binance, Coinbase, and Bittrex were sued last month for selling cryptocurrencies without Congressional consent. Bittrex attorneys point to what they perceive as loopholes in their claims that the SEC trades investment contracts. Both defendants acknowledge that the initial sale of some coins may be designated as securities contracts. However, they claim that a similar practice does not apply to assets traded in secondary markets.
Bittrex attorneys also state that the SEC did not provide it with the necessary notices regarding the bans. Alongside Bittrex and Coinbase, the fair notice defense is used by other high-profile defendants who have contested the SEC’s claims against them.
Most importantly, the Ripple argument has become a central part of stock market lawsuits. The company argues that the SEC never determined what rules it broke before filing a lawsuit against it. Recently, Ripple’s defense has become a model for many crypto businesses fighting the Commission in court.
Now all eyes are on the Coinbase case: the dates for July are set
cryptocoin.comAs you follow, the SEC will submit its first defense of Coinbase’s appeal on July 13. He voluntarily makes similar points to Bittrex to dismiss the SEC lawsuit against Coinbase. In this case, how the judge will respond to Coinbase’s allegations will be closely watched by Bittrex lawyers.
This week, the SEC received a three-day extension to submit its response to the motion. Taking into account the July 4 weekend, the regulator has until July 7 to respond. A preliminary hearing conference at which Katherine Mary Polk Failla will decide on the motion is currently scheduled for July 13.
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