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Crypto News: The world’s two biggest crypto exchanges, Binance and Coinbase (NASDAQ: COIN) are facing legal complications from the U.S. Securities and Exchange Commission (SEC) for allegedly breaching operation rules. As the legal tussle continues, Coinbase Legal Chief pointed out the commission’s confusing approach to token categorization in the Binance case.
Also Read: XRP Lawyer Settles Debate On XRP As Security
SEC Refuses Take Position
Paul Grewal, Chief Legal Officer for Coinbase mentioned that while reviewing a transcript of Binance’s hearing before Judge Jackson, he spotted the US SEC’s puzzling legal strategy.
As per the transcription, the court asked the SEC about the defendants trading tokens that are not considered as securities. So, are the rest of the tokens security or not?
SEC Counsel dodged the question stating that it is reserving its right as they are still at the pleading stage. It is required to get into the discovery phase where a full assessment can be done around the categorisation.
However, the court again inquired about the tokens which are not mentioned in the lawsuit. It asked where the commission place them, and do they fall in the commodities category. Meanwhile, the SEC stated that “they are not taking any position’ over them and try to get past. It added that it is the way more details are required under Rule 8. The commission gave the court and parties notice mentioning that 14 tokens including BNB are disputed. Read More SEC Crypto News Here…
Also Read: Coinbase Bags Another Win Against US SEC In Crypto Rulemaking Case
WatchDog Looking To Get A Pass
Coinbase Legal Chief marked that since when does Rule 8 (or 11) allow any party to reserve identifying what it claims to “Get past” and motion to dismiss? He praised the counsel for being honest but considered it as unlawful.
According to Attorney John Deaton, XRP Holders’ lawyer, SEC’s this argument suggests that they are reserving their rights to call everything as security at a later date.
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