Crypto exchange Coinbase has applied to submit a summary of the long-running litigation between Ripple and the SEC.
For two years, Ripple Labs has been battling the Securities and Exchange Commission’s (SEC) allegation that XRP is selling unregistered securities. Recently, the Blockchain Association stated that it is behind Ripple. Finally, Coinbase takes sides in favor of Ripple in the case.
Coinbase to Submit Summary in Favor of Ripple in SEC Litigation
Crypto exchange Coinbase has applied for permission to submit a summary in the ongoing litigation between the Securities and Exchange Commission (SEC) and Ripple Labs, saying that the lack of clarity in crypto enforcement actions puts U.S. exchanges at a disadvantage.
Coinbase Chief Legal Officer Paul Grewal announced Coinbase’s summary request via Twitter.
Earlier today, @coinbase asked Judge Torres for permission to file an amicus brief in the SEC case over XRP. Our point in pretty simple: this is a textbook case of just how critical fair notice is any reasonable notice of due process under law. 1/3 pic.twitter.com/qhSSGrNgJK
— paulgrewal.eth (@iampaulgrewal) October 31, 2022
Grewal said that Coinbase has sought permission from trial judge, Judge Torres, to impartially provide information, expertise and insight to assist the court.
In its summary, Coinbase argues that the Constitution establishes that government agencies must give fair notice that the behavior is illegal before taking action.
The summary included:
“The absence of formal rulemaking has led to unexpected enforcement actions like this one that create market uncertainty and put US trading platforms like Coinbase deeply at a disadvantage when competing with offshore platforms in jurisdictions where there is no risk of regulatory surprises.”
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