The SEC removes his trial against Coinbase, according to an announcement by CEO Brian Armstrong. However, the commission trial against Ripple remains open for the moment, which raises more questions.
The two proceedings deal with certain cryptoassets as titles, not basic products. For Coinbase, this interpretation would hinder operations, but it could be fatal for the XRP transmitter.
Dry drop the coinbase costume
Brian Armstrong, founder and CEO of Coinbase, spend a good day today. Recently, the company has argued for better regulation of American cryptography, and it has reached an important step today. Armstrong announced that the SEC abandoned its trial in 2023.
“Excellent news!” After years of dispute, millions of your dollars of taxpayers spent and irreparable damage caused to the country, we have concluded an agreement with the SEC staff to reject their dispute against Coinbase. Once approved by the Commission (which we said to be expected next week), it would be a complete dismissal, with $ 0 in paid fines and zero modification to our company, “he said.
Armstrong described this development as “greatly of justice”, saying that it was a real challenge to resist the commission’s “tactics of mafia” under the previous leadership.
He also declared that this prosecution is a revolutionary development for the future of the crypto in the United States, as it would have considerably hampered the ability of trade to do business nationally. For Coinbase, the legal battle of the dry appears to be over.
However, the SEC has another trial in active crypto – its fight against Ripple. The two combinations have major similarities, both on the concept that some cryptocurrency are titles. This interpretation opens companies related to cryptography to much stricter regulation.
How will the Coinbase regulations have an impact on the XRP trial?
For Coinbase, the question is that the dry insisted on a lack of clarity with these classifications, essentially affirming that it could demand that the change in the implementation of any token at a whim. In the Ripple case, however, he alleged that the company was forbidden to collect funds thanks to sales of XRP tokens without recording.
In both cases, the SEC was based on a lack of clear standards for the crypto.
Even before today’s announcement, the SEC had already pointed out that it would abandon the accusations against Coinbase, but the process was more disturbed for Ripple. The Commission recently deleted the XRP trial from its website and could expect some wider changes to reject it squarely.
In the end, however, the Ripple case can be more complicated. The SEC allegedly alleged that Coinbase hosted certain illegal assets and that compliance would have an impact on the business model for all exchanges.
In this last prosecution, he said that the sale of XRP was itself a violation of titles, which would have a serious impact on a large number of token projects.
The dry already takes a few measures to lay the foundations for a broader political realignment. Commissioner Peirce said he wanted to officially delete the security state of certain tokens.
In addition, the Commission seeks to reduce its activities for applying cryptography in general. Overall, the Coinbase case offers a certain optimism for the XRP community.
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