crypto exchange coinbasefiled an application to submit a summary in the long-running litigation between Ripple and the SEC.
For two years, Ripple Labs has been battling the Securities and Exchange Commission’s (SEC) allegation that XRP is selling unregistered securities. Recently Blockchain Association He stated that Ripple is behind it. Finally, Coinbase takes sides in favor of Ripple in the case.
Coinbase to Submit Summary in Favor of Ripple in SEC Litigation
crypto exchange coinbasehas applied for permission to submit a summary in the ongoing litigation between the Securities and Exchange Commission (SEC) and Ripple Labs, saying that the lack of clarity in crypto enforcement actions puts U.S. exchanges at a disadvantage.
Head of Legal Department at Coinbase Paul Grewalannounced Coinbase’s digest request via Twitter.
Earlier today, @coinbase asked Judge Torres for permission to file an amicus brief in the SEC case over XRP. Our point in pretty simple: this is a textbook case of just how critical fair notice is any reasonable notice of due process under law. 1/3 pic.twitter.com/qhSSGrNgJK
— paulgrewal.eth (@iampaulgrewal) October 31, 2022
GrewalCoinbase said that it has sought permission from trial judge, Judge Torres, to impartially offer information, expertise and insight to assist the court.
In its summary, Coinbase argues that the Constitution establishes that government agencies must give fair notice that the behavior is illegal before taking action.
The summary included:
“The absence of formal rulemaking has led to unexpected enforcement actions like this one that create market uncertainty and put US trading platforms like Coinbase deeply at a disadvantage when competing with offshore platforms in jurisdictions where there is no risk of regulatory surprises.”
