Coinbase and Ripple quote Binance case ruling! Call for enactment of cryptocurrency laws

With the judge rejecting some of the U.S. Securities and Exchange Commission’s (SEC) claims against Binance, Coinbase and Ripple have used this ruling to emphasize the ambiguity of cryptocurrency regulation and require the SEC to formulate rules and clearly define what Types of token sales are legal.

Preliminary summary

On Friday, US federal judge Amy Jackson ruled that most of the US Securities and Exchange Commission’s (SEC) charges against the exchange Binance.US would be approved and several of the crucial charges would be dismissed:

• The issuance and sale of stable currency BUSD involves securities sales

• The secondary market sales of platform currency BNB involve securities sales

• The currency earning service (Simple Earn) involves securities sales

In other words, SEC Claims that Binance’s secondary market sale of platform token BNB involved securities has been dismissed, which is undoubtedly a major victory for the crypto industry.

As FOX crypto reporter Eleanor Terrett predicted, many crypto companies currently involved in litigation with the SEC may cite the ruling on the "investment contract" to consolidate their position in the lawsuit.

Coinbase: Unclear supervision, requiring the formulation of rules

In this regard, the US exchange Coinbase did quote and criticize the current ambiguity of cryptocurrency supervision in this case: due to the SEC’s continued adoption of comprehensive but uncertain measures "Crypto is a security view", Binance further supports the SEC in formulating rules for the encryption industry, which is the same requirement as Coinbase.

And added, "SEC's view has never been fully explained, but the Commission is trying to impose retroactively on the digital asset field through an overwhelming enforcement campaign."

On the other hand, Coibase also disagrees with the currency In the case of Judge An, the court document submitted yesterday continued to mention: Judge Jackson’s opinion has exacerbated the confusion caused by the SEC to the industry. The ruling in the Binance case shows that the court should require the SEC to start formulating rules.

Previously, the company did submit a petition to the SEC on this matter, requesting the enactment of encryption laws, but it was rejected at the end of last year.

In addition, the Binance case was also mentioned in Coinbase's filing on Monday, hoping to fight the SEC's accusation that it was suspected of operating an unregistered trading broker: This shows the urgent need for encryption laws and scrutiny to allow securities Relevant laws are clarified and crypto market participants have legal compliance with regulatory rules.

Ripple: Case-by-case regulation is not the solution

At the same time, crypto payment provider Ripple Labs also cited Judge Jackson’s ruling on stablecoins BUSD and BNB (secondary sales) in the “supplemental authority” submitted on Tuesday. ) is not a security: Not all cryptocurrencies fit the narrative of the Howey Test, and regulating the cryptocurrency industry on a case-by-case basis may not be an efficient approach.

Ripple Labs emphasizes that the court should more clearly define which types of XRP sales are legal: The judge’s ruling supports our argument that the court needs to provide a clear basis for the legality of different types of XRP sales. This is the entire ruling One of the most important questions in the process.

Currently, the SEC’s cases against Coinbase, Ripple Labs and Binance are still ongoing, and the court hearing on the Binance case is scheduled to be held on July 9.

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