Crypto Market News: John Deaton, the lawyer representing over 70,000 XRP token holders within the SEC lawsuit, mentioned the Binance lawsuit is rather like the Ripple case, by way of fraud prices. He mentioned the Coinbase lawsuit didn’t make sense for the reason that firm’s direct itemizing on NASDAQ was accepted by the SEC itself in 2019. Interestingly, the XRP token was additionally among the many tokens listed on the Coinbase ($COIN) platform when the IPO software was filed. It was in a while in 2020 that the US SEC filed a lawsuit towards Ripple and Coinbase adopted with delisting the token.
Also Read: Cardano (ADA) Selloff Picks Momentum After Been Implicated in Coinbase Crackdown
Deaton mentioned there may very well be political agenda behind the SEC’s authorized motion towards two of the world’s prime crypto exchanges. This is all of the extra necessary within the present regulatory surroundings as crypto more and more appears to be like to turn into an election yr challenge forward of the US presidential election 2024.
CBDC Push Behind Binance, Coinbase Lawsuits?
The XRP lawyer puzzled if Senator Elizabeth Warren and SEC Chair Gary Gensler are pushing for the launch of the CBDCs, and which is why they’re attacking the crypto exchanges. Deaton has lengthy argued that Wall Street biggies of the likes of Goldman Sachs and JP Morgan would look to achieve some share of the crypto market enterprise, earlier than the United States administration implements a full fledged digital property regulatory framework. The lawyer explained the deserves of the lawsuits talking in CryptoLawTV session on Tuesday.
“(The lawsuits may have come) because of political agenda as Senator Elizabeth Warren all of a sudden wants to go anti-crypto and her good friend Gary Gensler is going to help her accommodate that. And may be they are pushing for central bank digital currency (CBDC). Or may be Goldman Sachs and JP Morgan are upset over the success of Coinbase.”
Meanwhile, the crypto market hardly acquired affected by the 2 again to again lawsuits, as Bitcoin price soared up round 5% following the Coinbase lawsuit information.
Also Read: Is Ripple-Like Lawsuit Looming, Coinbase CEO Vows to Seek Legal Redress With SEC
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