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- Ripple, Binance, and Coinbase are determined to come out victorious against an overreaching SEC.
- Their cases will have a far-reaching effect and potentially define the future of the entire crypto industry.
The SEC has recently taken it upon itself to come after the crypto industry. The regulator’s attack on the industry threatens to break the crypto market and the entire industry. Earlier this month when the SEC sued Binance and Coinbase, there was shock all around the market with top coins shedding between 5 percent and 20 percent in the days that followed. Bitcoin in particular fell to the $24,000 lows but has since found support above $26,000.
The Ripple vs. SEC case which has been ongoing since 2020 is one that might come to a conclusion very soon. Recently, the long-awaited Hinman documents were released by the SEC. Ripple hopes to use comments made by former SEC Director William Hinman on the categorization of Bitcoin and Ethereum which he noted were not securities.
This case which pro-XRP lawyer John Deaton believes will come to a conclusion to an end in September will potentially define how the courts will view cryptocurrencies in the future. The lawyer further predicts that there’s a 3 percent chance that the SEC has an outright win against Ripple. On the other hand, Ripple has a 25 percent chance of an outright win score and a 50 percent chance of a “splitting the baby” ruling.
In the Binance case, the exchange celebrated a minor victory after the court ruled not to have its assets frozen. However, Reuters reports that the U.S. affiliate of crypto giant Binance has been laying off its staff. According to its sources, around 50 people have been laid off but could not verify the seniority of the staff. As CNF reported earlier this week, the exchange has also been accused of manipulating BNB tokens and selling off its stash of Bitcoin.
Read More: Binance CEO Denies Selling Bitcoin to Boost Binance Coin Amid SEC Lawsuit – Dispelling FUD!
Binance has maintained that it will vigorously defend itself against the SEC. The SEC has filed 13 charges against the exchange and its founder Changpeng Zhao “CZ”. In one of these, the regulator accuses CZ of creating Binance.US as part of a “web of deception” to evade securities laws aimed at protecting U.S. investors.
The Coinbase case has been fairly quiet with little development around it. The SEC alleges that Coinbase operated its crypto asset trading platform as an unregistered national securities exchange and broker. This filing came as a surprise given the SEC greenlighted the public listing of Coinbase back in 2021. Like Binance, Coinbase, the second-largest crypto exchange by volume, has stated that it plans to defend itself further accusing the SEC of a lack of clarity in giving its crypto rules.
We appreciate the chance to weigh in and the hints in this rulemaking that the SEC may now be willing to allow ATS models for the crypto industry — something Coinbase proposed to the SEC as recently as last fall. 10/11
— paulgrewal.eth (@iampaulgrewal) June 14, 2023
