Claim $500XRP Lawsuit Verdict Might Prove Crucial For Coinbase, Binance: Attorney
XRP Lawsuit: The U.S. Securities and Exchange Commission’s (SEC) crackdown on the cryptocurrency market saw a high this week. The financial dog filled back to back lawsuits against the world’s two biggest crypto exchanges, Binance and Coinbase. Legal experts suggest that the stakes on the U.S SEC Vs Ripple lawsuit ruling just got higher.
Also Read: XRP Price Decouples From Market FUD; Posts Huge Gains
XRP lawsuit Ruling Will Present Clarity
Attorney James Murphy, a crypto legal expert stated that a ruling in the XRP lawsuit has become more crucial for digital asset linked firms. He added that Judge appointed in Binance and Coinbase lawsuits will likely keep an eye on the Ripple case.
He suggested that if the U.S. District District Court Judge Analisa Torres decides to rule that Ripple’s native crypto, XRP, trading in the secondary market is not “Security”. This will completely undermine the entire basis for the commission’s case against Coinbase. However, some impact this ruling could also put an impact on Binance’s case.
The attorney mentioned that in the Coinbase case, the SEC claims that around 13 tokens traded on the U.S. biggest crypto exchange are securities. However, if these 13 tokens are judged not to be “Security” then the commission holds no case. Read More XRP Lawsuit News Here…
Will Conbase Judge Follow Ripple Lawsuit Ruling?
It is important to note that a district court would not qualify as a “binding precedent” in other cases. This directs that judges in other cases will not be bound to issue ruling in the same manner.
Murphy highlighted that Jennifer Rearden, the judge assigned to the Coinbase case became a Judge recently. He added that the Coinbase judge works in the same court as Judge Analisa Torres. The attorney believes that Judge Rearden will be paying close attention to Judge Torres’s legal reasoning in analyzing whether XRP is a “Security” or not.
Also Read: XRP Fair Market Value Stands Between $3.5k To $22K: Report
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