Ripple Case Will Influence Coinbase And Binance Lawsuites, Says Legal Analyst
Ripple case with SEC may influence Binance and Coinbase Lawsuit was made known by a noticeable crypto-accommodating legal analyst who goes by the pseudonym MetaLawMan in his Twitter making sense of how the SEC vs. ripple judgment would assume a critical part in the commission’s lawsuit against Binance and Coinbase.
As tweeted yesterday, MetaLawMan explained that the stakes are expanding in Ripple’s case, particularly in the legal fight between two of the world’s biggest crypto trades Binance and Coinbase.
1/ The stakes just keep getting higher for the ruling in SEC v. @Ripple.
Here's why.
If Judge Torres rules that $XRP tokens trading on secondary markets are Not Securities–it would undermine the entire basis for the SEC's case against @Coinbase and much of the @Binance case.
— MetaLawMan (@MetaLawMan) June 8, 2023
Recall that the SEC claimed that Coinbase works as an unregistered security exchange by facilitating the trade of about 13 crypto assets, which it marks as security. MetaLawMan asserts that the SEC has no case if the judge ruled that these assets are not to security.
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He explained that a decision from Judge Torres is definitely not a limiting point of reference. Nonetheless, he anticipates that the judge who presides over the Coinbase case, Jennifer H. Rearden, to understand the legitimate thinking of Judge Torres in deciding if the secondary market deals of the 13 cryptos are security.
The legal analyst brought up that Rearden has just been Judge for a half year compared with Judge Torres, who has been an Adjudicator for quite some time.
Furthermore, MetaLawMann highlighted that Judge Rearden works in a similar court in lower Manhattan as Judge Torres.
According to MetaLawMan: “So, while a Torres choice on $XRP would not be a ‘binding precedence’, I do believe Judge Rearden close attention to Judge Torres’ legal reasoning in ruling whether $XRP is a security”.
The analyst asserts that assuming Judge Torres decides that XRP secondary market transactions are security, the SEC would seize the opportunity to ask the judge in charge of the Coinbase and Binance claims to subscribe to her legal thinking.
Read Also: Coinbase Slammed by Attorney Bill Morgan For Not Willing to Support XRP Secondary Market Sale
Binance Case More Confounded Than Coinbase
In the interim, MetaLawMan thinks the Binance case is more convoluted than Coinbase. This is because Binance gave BNB coin, one of the assets SEC accused to be a security in their claim.
As indicated by the analyst, the world’s biggest crypto trade will trust that Judge Torres decides that Ripple’s Initial XRP deals don’t qualify as security offerings.
While Judges inside a similar court in some cases can’t help contradicting each other’s decision at times, MetaLawMan anticipates that Judge Rearden should subscribe to the legal thinking of her accomplished partner Judge Torres.
MetaLawMan explains that regardless of how the Binance and Coinbase ruling end, there could be years of appeal.
XRP Secondary Sales Are Security; SEC Claims
It is worth referencing that many believe the case between SEC and Ripple is expansive, consequently, it can have the capability of affecting XRP trading on the secondary market.
In its fight in court against Ripple, the US SEC neglected to recognize financial investors who purchased XRP straightforwardly from Ripple and the people who obtained the asset from the secondary market.
On the verge of the wide claim of the SEC’s cases against Ripple, lawyer John Deaton recorded an amicus brief for a large number of XRP investors to obstruct the SEC’s arrangements of naming XRP secondary market sales as security.
Read Also: XRP Lead Crypto Market With 12.8% Increase
There is much anticipation in the community that Judge Torres should remark on whether XRP secondary market sales are secure in her impending judgment.
As indicated by MetaLawMan, the premise of the SEC’s argument against Binance and Coinbase will be subverted assuming that Judge Analisa Torres rules that XRP secondary market sales are not security.
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Meet Daniel Abang: Crypto guru, content creator, and analyst. With a deep understanding of blockchain, he simplifies complex concepts, guiding audiences through the ever-changing crypto landscape. Trusted for his insightful analysis, Daniel is the go-to source for staying informed and empowered in the world of cryptocurrency.
