Coinbase has filed an amicus brief in support of Ripple Labs in the SEC lawsuit over $XRP.
Cryptocurrency exchange Coinbase has filed an amicus brief in support of Ripple Labs in the U.S. Securities and Exchange Commission lawsuit over xrp. Coinbase’s support is seen as a significant step in the case given that the crypto exchange was among the first trading platforms to delist xrp following the SEC lawsuit.The Nasdaq-listed cryptocurrency exchange Coinbase filed an amicus brief on Tuesday in support of Ripple Labs against the U.S. Securities and Exchange Commission .
In the absence of a regulatory framework governing digital assets, Coinbase believes that parties like Ripple must be permitted to pursue fair notice defenses in matters where they are facing surprise enforcement actions like this one. In its amicus brief, Coinbase argued that “existing due process precedents prohibit unforeseen enforcement actions” and “SEC rulemaking is essential to account for new technology in the crypto space.” In addition, “a robust fair notice defense is critical in the absence of crypto rulemaking.”
“Until the SEC engages in rulemaking for cryptocurrency, the fair notice defense is a constitutionally required brace against arbitrary, surprise cryptocurrency enforcement actions,” Coinbase asserted.
A number of people on social media have expressed that Coinbase’s move is significant given that the crypto exchange was among the first to delist
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