2023-7-15 09:00 |
The recent court ruling in the high-profile United States Securities and Exchange Commission (SEC) vs. Ripple case has ignited a fresh wave of optimism among key players in the crypto industry, particularly Coinbase.
The landmark decision, hailing XRP token purchases via crypto exchanges as non-securities transactions, has potentially fortified Coinbase’s defense in its ongoing lawsuit with the SEC.
Coinbase Feels Confident in Case Against SECPaul Grewal, Chief Legal Officer at Coinbase, vocalized the company’s newly invigorated confidence following the Ripple ruling.
According to Grewal, the court’s determination significantly undermines the idea of securities being traded on crypto exchanges. Therefore, offering reassurance to both Coinbase and its regular investors.
“I think we will win. Now, I thought we would win before this decision. We think this decision has only further strengthened the case,” Grewal stated.
"I think we will win."
Paul Grewal, chief legal officer at Coinbase, said that the company is more confident in its case with the SEC after the Ripple XRP decision. pic.twitter.com/XAagx6dUsz
The Coinbase executive suggested that the judgment’s logic would still hold, even if the XRP token were substituted with any other cryptocurrency.
Read more: Coinbase and Kraken to Re-List XRP Following Ripple’s Court Victory
Yet, the ruling also flagged the sale of XRP to sophisticated investors or institutional clients as a securities transaction. It seemingly casted a shadow over Coinbase’s ambitions to expand its institutional trading platform.
Grewal, however, downplayed this concern, arguing that all investors can take solace from the fact that crypto exchange-traded tokens were not deemed securities in arm’s length dealing situations.
Investors Remain Optimistic About the Future of CryptoThe SEC’s stance on cryptocurrencies, mainly considering most of them as securities, has been contentious.
Cryptocurrencies must register with the SEC and adhere to stringent disclosure requirements if classified as securities. Thereby significantly expanding the SEC’s jurisdiction over these assets and related firms, such as crypto exchanges.
The ruling on XRP has seemingly weakened the SEC’s argument, attracting criticism from key industry figures. Tyler Winklevoss, co-founder of cryptocurrency exchange Gemini, slammed the regulator as a “failed institution.” Meanwhile, Grewal called for new rules to accommodate the new technology.
Analysts and investors now view Ripple’s partial victory as a positive signal for the crypto market as a whole.
According to BlackRock CEO Larry Fink, global demand for cryptocurrencies is significantly growing. He maintains that crypto can act as a new international asset class that can “transcend” any fiat currency appreciation.
“If you look at the value of the US dollar, how much it depreciated over the last two months, and how much it appreciated over the last five years… An international crypto product can really transcend that,” Fink said.
As the dust continues to settle in the wake of the SEC vs. Ripple case, the crypto community anticipates the potential ripple effects of Coinbase’s ongoing legal battle with the SEC.
The post Coinbase Voices Bravado After Ripple Ruling: Is It Justified? appeared first on BeInCrypto.
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