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Home Regulation

Ripple’s Potential SEC Loss Could Impact Coinbase and Binance, Legal Expert Warns

by Dan K
Jun 9, 2023 - 4:00 pm
in Regulation
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Ripple’s SEC Case – Potential Ramifications for Coinbase and Binance

According to prominent lawyer James Murphy, the SEC’s arguments against cryptocurrency exchanges Coinbase and Binance could face serious hurdles if Judge Torres ruled that XRP tokens bought on secondary marketplaces are not securities.

Impact on Coinbase

The SEC alleges that Coinbase operates as an unregistered securities exchange, broker-dealer, and clearing broker because it allows transactions in 13 tokens which the SEC considers securities. However, the entire premise of the SEC’s case against Coinbase would be undermined if these 13 coins were not deemed securities.

Impact on Binance

While a verdict from Judge Torres may not directly establish a precedent for subsequent cases, it’s significant to note that Judge Rearden, who is presiding over the Coinbase case, has been on the bench for merely six months.

The same lower Manhattan court is home to both Judge Rearden and Judge Torres. Given this fact, it’s plausible that they would consider each other’s legal viewpoints when deciding whether or not XRP is a security.

This interplay can be mutually advantageous. The SEC could hail a victory and employ the ruling as persuasive reasoning in the courts scrutinizing the Coinbase and Binance cases if Judge Torres rules that XRP coins traded on secondary markets are indeed securities.

The situation with Binance, however, is more nuanced since it launched its cryptocurrency (BNB). Binance, thus, hopes for a ruling from Judge Torres that does not classify XRP sales and Ripple’s issuance as securities offerings.

SEC’s Continued Assertions

Even if Judge Rearden concludes that the 13 mentioned tokens are not securities, the SEC could still argue that “staking-as-a-service” forms a securities offering in the Coinbase case. Nonetheless, the SEC’s argument as a whole would be significantly weakened.

The Criticality of Judge Rearden’s Decision

It’s vital to acknowledge that even within the same court, judges may hold differing viewpoints. However, according to MetaLawMan, Judge Rearden’s brief tenure makes it less likely that she would contest the legal reasoning of a more experienced peer in a matter of such importance.

Tags: BinanceCoinbaseRippleSECXRP
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

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