Ripple Case Arguments Used in Coinbase Response to SEC Suit: Pro-Ripple Lawyer
TL;DR Lawyer Jeremy Hogan has noticed that Coinbase used certain information/experience from the Ripple case when filing a 117-page document with a request to the court to dismiss the SEC's suit against it. Coinbase referenced the Hinman emails in this document, which is something that Ripple had done in its own case against the SEC. Separately, Ripple has recently announced a CBDC Innovate Challenge and invited several financial and tech giants to judge it.
Jeremy Hogan, a lawyer who follows the Ripple-SEC lawsuit closely, has taken to Twitter to point out that Coinbase has used Ripple's strong argument in its own case against the SEC.
As reported by U.Today earlier, the biggest and only publicly-traded U.S. crypto exchange Coinbase has filed a 117-page document with a request to the court to dismiss the SEC's suit against it.
The securities regulator accused Coinbase of not registering as a securities exchange. According to the SEC, Coinbase should have also registered with it as a securities broker and a clearance agency, assuming that the exchange trades altcoins that the regulator believes to be securities.
Coinbase stated in return that when it registered with the SEC back in 2021, the regulator did not mention that it had to also register its operations.
Hogan stated that in the document that was filed to the court as a case dismissal request, Coinbase referenced the Hinman emails.
Curiously, Coinbase was one of the first exchanges to suspend XRP trading in January 2021, when the SEC initiated the legal case against Ripple in December 2020. Now, the SEC has sued Coinbase too.
What jumped out to me is how Coinbase uses information/experience from the Ripple case (See the Hinman email reference below) and also throws in new stuff (the Major Questions Doctrine).
Very Nicey. https://t.co/TYOm3SH6eb pic.twitter.com/y9Vz4Sm2D5 — Jeremy Hogan (@attorneyjeremy1) June 29, 2023
Ripple joins forces with financial giants to pick best CBDC solution
As covered by U.Today earlier, Ripple blockchain behemoth plans to team up with several titans of the financial and fintech world — Mastercard, Amazon Web Services, Bank of Finland, PwC, BIS, etc. These organizations and companies will be judges in the contest set up by Ripple for participants in its CBDC Innovate Challenge that Ripple decided to revive recently.
The contest aims at stimulating development activity for creating apps for CBDCs — central bank digital currencies.