3 Crypto Lawsuits to Look Out For This Week

The courtrooms are buzzing this week with legal battles involving several high-profile cases in the courts. Let’s take a look at the key developments happening/to happen this week – 

TODAY: Custodia Bank vs. Federal Reserve: Major Legal Talent Joins the Case

In just a few hours we are going to the legal counsel of Custodia Bank’s present in Court to appeal against the Federal Reserve. The two high-profile lawyers who will be putting up Custodia Bank’s appeal, Ian Gershengorn, Acting Solicitor General under President Obama, and Michelle Kallen, former Solicitor General of Virginia, are most expected to file a notice of appearance today. 

As both lawyers are highly recognised for their legal milestones in Supreme Court cases, the Custodia Bank’s case revolving around its application for a Federal Reserve master account will undoubtedly have a broader impact on the U.S. market regulator’s stance on the crypto market. 

MAY 10: SEC vs. Coinbase: Awaiting Responses in Two Legal Battles

The 10th of May, Friday, is a crucial date for the Coinbase vs SEC case as the Commission is placed with a deadline to file its response both the two separate cases against Coinbase on this date.

Response to Interlocutory Appeal

The main reason surrounding Coinbase’s request for an interlocutory appeal is to address a “controlling question” in its case against the SEC. The question is – Whether an investment contract requires “something contractual”? Coinbase has contended a transaction should not be considered as an investment contract if is has no post-sale obligations. If the court grants the interlocutory appeal, it could have significant implications for the SEC’s jurisdiction over crypto transactions.

Response to SEC’s Refusal to Do Crypto Rule-Making

Simultaneously, Coinbase is also challenging the SEC’s refusal to create clear regulations for the crypto industry. In return, the SEC is set with the deadline of May 10 to file their response brief to clarify its position on this matter. 

LATEST: Robinhood Receives Wells Notice from SEC

The digital assets arm of the popular stock trading app, Robinhood Crypto has just received a Wells notice from the SEC, making headlines an hour ago! The SEC is likely to take enforcement actions. The Wells notice received by Robinhood contains related to the investigative subpoenas that the company received previously. 

Dan Gallagher, Robinhood’s Chief Legal, Compliance, and Corporate Affairs Officer, stated, “We firmly believe that the assets listed on our platform are not securities.” The case against Robinhood comes on the heels of similar SEC actions against other crypto firms, including Coinbase and Kraken. 

WHAT’S NEXT?

It’s just Monday and we have 3 cases that are to knock the doors of the crypto this week. Stay tuned with us to find what happens in each cases, as well as any new case that can pop up unexpectedly! 

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