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After Grayscale Investments’ landmark victory against the U.S. Securities and Exchange Commission (SEC), experts contemplate the court to approve the motion by crypto exchange Coinbase to dismiss the SEC lawsuit. XRP attorneys, Ripple CLO, CEO, and analysts believe the SEC and Gary Gensler’s action will prove to be unfaithful to the law and lack of regulatory clarity for crypto.
Coinbase Victory Against the US SEC
A three-judge panel for the DC Circuit Court of Appeals sided with Grayscale Investments after the U.S. SEC failed to give reasoning for their denial of spot Bitcoin ETFs. Neither the SEC nor Gary Gensler is able to provide clarity on whether or which cryptocurrencies are securities, indicating a lack of clarity regarding crypto.
Pro-XRP lawyer John Deaton takes a jibe at the SEC and Gary Gensler for defeat against Grayscale, saying “Hey Gary Gensler how’s that Regulation by Enforcement policy going for you?” He also agreed totally with analyst Scott Melker “The Wolf of All Streets” that Coinbase will annihilate the SEC in its lawsuit. Also, Gary Gensler will prove to be the worst commissioner of all time.
Also Read: US Rep. Warren Davidson Wants SEC’s Gary Gensler Fired
Ripple chief legal officer Stuart Alderoty and CEO Brad Garlinghouse also slammed the SEC for their enforcement actions against the crypto industry. Alderoty said:
“The SEC is getting battered in the court. In our case it’s been proven wrong, been called hypocritical, lacking faithful allegiance to the law, fined for discovery abuses and now another distinguished court saying it’s “arbitrary and capricious” – that’s a really big deal.”
Garlinghouse is disappointed that the crypto community is forced to take the legal process to prove the SEC’s regulation by enforcement policy amid lack of regulatory clarity is wrong. Meanwhile, the SEC completely ignores the facts and the law to prove their argument.
After Grayscale’s victory, Coinbase (COIN) stock price jumped more than 15% and closed 14.91% higher at $84.70. Coinbase now has more chance to win against the US SEC as precedents make the SEC’s arguments against crypto weak.
Also Read: BTC Price Climbs To $28k On Grayscale ETF Victory, Bull Run In The Making?
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