By Hannah Lang and Chris Prentice. (Reuters). October 3, 2023.
The U.S. Securities and Exchange Commission (SEC) on Tuesday asked a federal judge to deny a motion from Coinbase Global (COIN.O) to dismiss the regulator’s lawsuit against the cryptocurrency exchange.
The agency said Coinbase was wrong to rely on a recent court ruling that found cryptocurrency developer Ripple Labs Inc did not violate federal securities law by selling its XRP token on public exchanges, citing a subsequent ruling in the case of Terraform Labs that rejected the court’s reasoning.
Tuesday’s filing showed that the SEC is seizing on the Terraform Labs ruling to raise questions about the ruling in the Ripple case, which the crypto industry had hailed as a victory.
Read the full piece from Reuters here: “US SEC asks judge to deny Coinbase motion to dismiss its lawsuit“