Coinbase cited Ripple’s verdict 13 times in its petition

Ripple news today 07/15/2020

Coinbase recently asked a judge to drop the SEC lawsuit, citing a recent decision regarding the classification of XRP. The petition, filed in federal court in Manhattan, alleges that the SEC has no authority over Coinbase’s operations.

In the Ripple case, U.S. District Judge Analisa Torres on July 13 made a distinction between institutional XRP sales (considered securities) and public sales (considered non-securities). The crypto sector took this as a victory, which led to an increase in the value of most coins.

Last year, the US cryptocurrency market was uncertain due to the lack of regulations. This court decision has made the rules clearer, with many experts and lawmakers sharing their views on what might happen next.

Noted financial services lawyer James A. Murphy (MetaLawMan) explainedWhy Judge Analissa Torres’ decision was important to Ripple and the rest of the cryptocurrency sector.

He explained that the importance of Ripple’s verdict, along with the entire lawsuit, was highlighted 13 times in Coinbase’s motion to dismiss the SEC lawsuit.

Leave a Reply