• Coinbase’s Chief Legal Officer, Paul Grewal, has revealed the latest developments in the legal battle with SEC.
• Ripple’s CTO, David Schwartz, reacted to the updates and hinted at a surprising outcome.
• The Third Circuit has decided to maintain jurisdiction over Coinbase’s challenge against the SEC’s inaction concerning their plea for fundamental regulations within the crypto domain.
Coinbase Takes on SEC
Coinbase’s Chief Legal Officer, Paul Grewal, has unveiled the latest developments in a legal dispute between the U.S. cryptocurrency exchange and the Securities and Exchange Commission (SEC). Coinbase is challenging the SEC’s inaction concerning their plea for fundamental regulations within the crypto domain.
Ripple CTO Reacts
In response to Grewal’s tweet, Ripple’s Chief Technology Officer (CTO), David Schwartz, expressed his thoughts on the matter and characterized it as a “rollercoaster”. He acknowledged that many initially perceived Coinbase’s legal maneuver as a mere publicity stunt but took a positive stance and considered Coinbase’s achievement a victory.
Third Circuit Decision
The Third Circuit has decided to maintain jurisdiction over Coinbase’s challenge against the SEC’s inaction concerning their plea for fundamental regulations within the crypto domain. It granted them four months to inform court about their progress towards a staff recommendation.
Positive Spin On Situation
Schwartz put a positive spin on this situation by noting that at least one Federal judge shared some of their frustration with regards to how long it was taking for regulatory clarity on cryptocurrencies regarding basic rules and regulations from SEC.
Conclusion
The outcome of this case remains uncertain but both Ripple’s CTO and Coinbase’s CEO have taken an optimistic outlook towards what they consider a victory for cryptocurrencies in general- regardless of its final result being favorable or unfavorable towards either party involved in this case.