U.S. Securities and Exchange Commission (SEC) continues to regulate the digital asset industry through enforcement, the nation’s Supreme court will hear the first ever crypto related case. However, XRP holders’ lawyer has drawn his prediction around the lawsuit where US SEC might not have a good time.
Coinbase To Score A Breakthrough?
The Apex court of the United States will be hearing its ever crypto related case on March 22, 2023. This development comes amid the ongoing banking crisis in the country.
, the U.S. biggest crypto exchange is already dealing with the probe launched by the U.S. SEC for trading securities over its platform. On Tuesday, the court will be hearing Coinbase’s lawyers’ appeal to pause a class action lawsuit against the exchange. In this attempt, the crypto exchange is trying to send the argument to arbitration.
According to John Deaton, Amicus Curiae in the US SEC Vs Ripple lawsuit predicted that COINBASE might score a win here. However, this will be regarding its user agreement which requires the customer to agree to binding arbitration. This includes affirmatively waiving participation in a class action lawsuit which forces individuals to arbitration. Read More Crypto News Here…
Also Read: Coinbase Defy US SEC Statement, Says Core Staking Services Are Not Securities
Reports suggest that companies go for arbitrate claims as the process involved in it is cheaper and faster in comparison to litigation in court. While litigation can prove to be harder to fight as it carries a major risk of damages after the verdict.
Earlier, Coinbase in a blog stated that staking services are not securities. It mentioned that stacking is not a security as claimed by un the US Securities Act nor it can be justified under the Howey test.
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