Coinbase recently filed a reply to the court requesting permission to file an interlocutory appeal with the 2nd Circuit. Notably, triggering the discussions, pro-XRP lawyer MetaLawMan has weighed in on the development with his recent views. In a recent X post, the lawyer praised Coinbase’s strong arguments, highlighting the potential for this case to fast-track critical questions about the SEC’s authority over digital assets.
XRP Lawyer Lauds Coinbase’s Strong Arguments
MetaLawMan commended Coinbase’s legal team for their compelling case for an interlocutory appeal. He noted that it’s inevitable that the question of whether digital assets traded on exchanges are securities will reach the 2nd Circuit. However, the timing and the specific cases that will present the issue are the only uncertainties.
In addition, he pointed out that petitions for interlocutory appeals are rarely granted. However, the Coinbase case, given its significance and the robust arguments presented, seems particularly well-suited for fast-tracking to the 2nd Circuit. Besides, MetaLawMan emphasized that the core issue at stake is of immense importance to the entire cryptocurrency industry.
For context, Paul Grewal, Coinbase’s Chief Legal Officer, has recently disclosed and stressed the importance of their request. He explained that their appeal seeks to determine if the SEC can regulate digital asset transactions as “investment contracts” without any contractual basis.
In addition, Grewal highlighted that even the SEC acknowledged the significance of this issue in the Ripple case, recognizing the “industry-wide significance” and the “substantial grounds for difference of opinion.” Besides, Grewal also mentioned that Coinbase has been consistent in its efforts to seek clarity from the SEC.
Meanwhile, the company approached the SEC in good faith to discuss a workable regulatory framework for crypto innovation in the U.S. However, these efforts were met with resistance, changing positions, and litigation from the SEC, according to Grewal.
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Clarity and the Future of Crypto Regulation
Coinbase’s request for an interlocutory appeal underscores its commitment to seeking clarity for the crypto industry and pushing back against what it perceives as the SEC’s overreach. Grewal emphasized that this appeal is critical not just for Coinbase but for the entire crypto industry and the 52 million Americans who own crypto.
In addition, he pointed out that the need for clear rules has been recognized by the House, and Coinbase is seeking similar clarity through the courts. Notably, in his remarks, Grewal stated that regardless of the timeline, Coinbase is dedicated to seeing this issue through.
Meanwhile, he believes that pushing back against overzealous regulators and establishing clear, workable crypto regulation is essential for the future of the digital asset space. Coinbase’s resolve reflects the broader industry’s demand for regulatory clarity and fairness.
However, the XRP lawyer has previously expected Coinbase to file for a re-hearing, given the recent Ethereum’s commodity status by the U.S. SEC. Simultaneously, the relation between Coinbase and XRP has also been in discussion lately, after the leading crypto exchange announced the re-list of the XRP token for the NY users on its platform.
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