Coinbase’s Chief Legal Officer stressed that the appeal aims to determine whether the SEC can regulate digital asset transactions.
Coinbase has now submitted a response to the court, in which it requests permission to launch an interlocutory appeal with the 2nd Circuit. Particularly noteworthy is the fact that MetaLawMan, a pro-XRP attorney, recently expressed his opinions on the situation, which has sparked the talks.
In a recent X post, the attorney lauded the compelling arguments presented by Coinbase, drawing attention to the fact that this case has the ability to expedite the resolution of important problems concerning the authority of the SEC with regard to digital assets.
XRP Lawyer Lauds Coinbase’s Strong Arguments
MetaLawMan praised the legal team representing Coinbase for the strong argument they presented in support of an interlocutory appeal.
He pointed out that the Second Circuit Court of Appeals will inevitably address the topic of whether digital assets traded on exchanges are securities. On the other hand, the only things that are unpredictable are the timing and the particular cases that will exhibit the problem.Furthermore, he highlighted the infrequent grant of interlocutory appeal applications.
On the other hand, the prominence of the issue and the compelling arguments presented make the Coinbase case particularly well-suited for expedited transfer to the Second Circuit Court of Appeals. Furthermore, MetaLawMan stressed that the basic problem that is at stake is of tremendous significance to the whole bitcoin sector.
In order to provide some background information, Coinbase’s Chief Legal Officer, Paul Grewal, recently announced and emphasized the significance of their request. He added that the purpose of their appeal is to ascertain whether or not the Securities and Exchange Commission (SEC) has the authority to regulate transactions involving digital assets as “investment contracts” without any contractual foundation.
Grewal also brought attention to the fact that even the Securities and Exchange Commission (SEC) acknowledged the relevance of this problem in the Ripple case. The SEC noted the “industry-wide significance” of the issue as well as the “substantial grounds for difference of opinion.” Grewal also noted that Coinbase has been consistent in its efforts to obtain clarity from the SEC.
Grewal emphasized this point in addition to the previous one.While this was going on, the company addressed the SEC in good faith to negotiate a regulatory framework that would be feasible for crypto innovation in the United States. Grewal reports that the Securities and Exchange Commission (SEC) met these efforts with opposition, shifting positions, and lawsuits.
With its request for an interlocutory appeal, Coinbase demonstrates its dedication to bringing clarity to the cryptocurrency market and to fighting back against what it considers to be an overreach on the part of the Securities and Exchange Commission. Furthermore, Grewal emphasized that this appeal is critical not only for Coinbase but also for the entire cryptocurrency business, as well as the 52 million people in the United States who own cryptocurrency.
In addition, he mentioned that the House of Representatives has acknowledged the requirement for clear rules and that Coinbase is attempting to get a comparable level of transparency through the judicial system. Particularly noteworthy is the fact that Grewal said in his remarks that Coinbase is committed to following this matter through to its conclusion, regardless of the timing.
In the meantime, he believes that it is necessary for the future of the digital asset area to establish clear and workable crypto regulation, as well as to push back against overzealous authorities. The determination of Coinbase is reflective of the demand for regulatory transparency and fairness that is prevalent throughout the sector.
The attorney for XRP had already anticipated that Coinbase would submit a request for a re-hearing after the United States Securities and Exchange Commission recently designated Ethereum as a commodity. Concurrently, the relationship between Coinbase and XRP has also been the subject of discussion in recent times. The top cryptocurrency exchange has announced that it will re-list the XRP token for users in New York on its platform.