NewsletterADA, MATIC, ALGO Are Not “Securities”: XRP Lawyer
XRP News: The U.S. Securities and Exchange Commission (SEC) in the latest legal charges against Coinbase and Binance claimed that Cardano (ADA), Polygon (MATIC), and other major cryptos are securities. However, Pro XRP Lawyer claims that this is not the case.
Also Read: Why XRP Lawsuit Verdict Is Taking So Long?
XRP Lawyer Defends Cardano
Crypto exchange Coinbase on Wednesday moved forward to dismiss the SEC launched a lawsuit against them. The commission claims that Coinbase violated securities law and operated as an unregistered entity.
Attorney Jeremy Hogan highlighted that Coinbase will face a major problem in defending non-security status of many tokens. However, he pointed out a statement given out by a Polygon executive which might not help the crypto exchange.
XRP holders’ lawyer in the US SEC vs Ripple Lawsuit, John Deaton asserted that ADA. MATIC, ALGO and other cryptos are not “Securities”. He stated that these crypto assets are digital code sequences that exist in software. The attorney added that the Telegram case verdict shouldn’t be considered and all should be decided on the Howey test. Read More XRP News…
Can’t Call Any Token A Security
Deaton mentioned a Supreme Court order says that it is immaterial whether the underlying asset is speculative or whether it has intrinsic value or not. He added that it is unconstitutional on the commission’s behalf to call “the token” is a security.
XRP lawyer earlier praised Coinbase’s motion to dismiss the SEC charges. He found the crypto exchange’s motion strong but was not sure it will be granted. However, he urged the crypto leaders to ask the court to allow them to file an amicus brief in the US SEC Vs Coinbase case. He highlighted that over 2k people have joined him who wish to file in as amic with him.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Crypto Bill Talks Stall as Senate Democrats Push Back on Stablecoin Yield Provisions
- Breaking: Coinbase Adds Supports For Solana Tokens On DEX Trading
- Big Short’ Michael Burry Issues Dire Warning on US FED’s $40B T-Bills Buy Plan
- Expert Slams Pi Network Lawsuit as ‘Deeply Flawed,’ Says Case Unlikely to Succeed
- Crypto Market to Crash? Here’s What Bitcoin On-Chain Data and BTC Options Signal
- Cardano Price Dips 10% as Midnight Token Launch Turns Sour
- Bitcoin Price Holds $90k as Markets React to Fed Rate Cut: Will BTC Rally to $100k or Fall to $80k?
- Dogecoin Price Eyes $0.30 as Bullish Crossover Pattern Signals a Trend Shift
- Top Analyst Sees Ethereum Price Having a “Big” Breakout as Catalysts Align
- Sui Price Breaks Out of Falling Wedge: Is $2 Next Target?
- Chainlink Price Prediction: Why $20 is Next Key Target
