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SEC vs. Coinbase: Court Partially Grants the Coinbase Motion to Dismiss
On Wednesday (March 27), Judge Katherine Failla partially granted the Coinbase Motion to Dismiss (MTD). Significantly, the Judge did not dismiss the charges for operating as an unregistered securities exchange. The ruling created more crypto market uncertainty, with Coinbase and the crypto market facing another lengthy trial.
As background, the SEC filed charges against Coinbase in June 2023 for allegedly operating as an unregistered securities exchange, broker, and clearing agency. Coinbase filed a Motion to Dismiss in August, arguing that the SEC lacks the statutory authority to regulate crypto exchanges.
Coinbase Chief Legal Officer Paul Grewal responded to the ruling by urging Congress to address the legislative void that plagues the US digital asset space. The court ruling was also bad news for Ripple and XRP. Legal experts believed the SEC would settle the Ripple case if Judge Failla granted the Coinbase MTD.
Coinbase shares ended the week up 3.76% to $265.12. However, Coinbase fell back from a Monday high of $283.48 as investors reacted to the court ruling. BTC-spot ETF market inflows and BTC price trends delivered the gains for the week.
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