Coinbase leverages recent SEC rulings in itsdefense,citing the Binance BNB token precedent to challengeSEC’sregulatoryapproach.
Points
- CoinbasereferencesJudgeJackson’srulinginSECvs.Binancecase.
- TheSECisaccusedofinconsistentrule-making.
- CoinbasesuesSECforfailingtocomplywithFOIA.
- JudgeTorresruledinitialXRPsalesassecurities.
CoinbaseSuesSEC
Coinbase builds on Judge Amy BermanJackson’sruling that secondary sales ofBinance’sBNB token do not constitute securities under the Howeytest.In aletter,Coinbase’sattorneys criticized the SEC for inconsistentrule-makingand failing to provide a coherent regulatoryframework.
Coinbase argued that both federal agencies neglected the Freedom of Information Act（FOIA）and did not provide documentation on their rulemaking deliberations regardingEthereum’stransition to astaking-basedecosystem.
PrecedentMounts
Judge Torres also ruled that initial sales of XRP to institutional investors did constitute securities due to thesales’nature,not thetoken’sinherentcharacteristics.
解説
- Coinbase’sDefense:BycitingJudgeJackson’sruling,CoinbasechallengestheSEC’sregulatoryinconsistencies.
- FOIACompliance:CoinbasesuesSECfornotadheringtoFOIA,demandingtransparencyinregulatoryprocesses.
- XRPPrecedent:JudgeTorres’sdecisiononXRPhighlightsthecomplexityofsecuritiesregulationsincrypto.
- MarketImplications:Theselegalbattlescouldsignificantlyimpactregulatoryapproachesandthebroadercryptomarket.