SEC Lawsuit Progresses Against Coinbase Amid Doubts

Ripple's Chief Legal Officer, Stuart Alderoty, raised concerns about the Securities and Exchange Commission's (SEC) ability to back its claims against Coinbase.

Alderoty’s skepticism comes as the lawsuit against Coinbase advances following a federal court’s rejection of Coinbase’s motion to dismiss.

This development led to a minor dip in Coinbase’s shares and had ripple effects across the broader cryptocurrency market.

The SEC’s allegations against Coinbase revolve around accusations of the exchange engaging in unregistered securities sales, particularly through its Staking program.

This legal action mirrors a related lawsuit filed against Binance, another major crypto exchange, on similar grounds. As the legal proceedings move forward, both parties will enter the discovery phase, allowing for the exchange of crucial documents and information.

Insights gleaned during this process, reminiscent of the SEC’s case against Ripple, could play a pivotal role in shaping the outcome of the lawsuit.

Given the intricate nature of such legal disputes, the litigation between the SEC and Coinbase is anticipated to be lengthy and complex.

It is expected to involve various legal maneuvers, including summary judgment briefs and potential appeals, as both parties navigate through the legal intricacies of the case.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.