Cryptocurrency exchange Coinbase Global Inc has achieved a major victory in its legal battle against the U.S. Securities and Exchange Commission (SEC).
Altcoin Security Case
Judge Failla confirmed the approval of Coinbase’s interim ruling appeal. This decision marks a notable deviation from previous rejections of the exchange’s argument that the assets on its platform do not constitute investment contracts. The prolonged process offers sufficient time for the new SEC administration to address these allegations effectively.
FDIC Case
Following this ruling, the case will move to the Second Circuit Court, where hearings are set to commence in January. Besides the SEC case, Coinbase has also achieved success against the Federal Deposit Insurance Corporation (FDIC). The success Coinbase has garnered in its ongoing case against the SEC contributes significantly to its established position in the cryptocurrency market.
Future of Regulation
The actions Coinbase will take during this process, along with forthcoming court decisions, will play a crucial role in shaping the regulatory framework of the cryptocurrency market. This process provides a potential pathway for the new SEC administration to set matters right with cryptocurrencies.
The ongoing legal battle between cryptocurrency exchanges and regulatory bodies persists, with Coinbase’s interim ruling appeal approval providing a potential pathway for the new SEC administration to set matters right.
