The U.S. District Court for the Southern District of New York denied Coinbase's Motion for Judgment on the Pleadings in the SEC's case against the exchange, allowing the SEC to proceed with its lawsuit. The SEC alleges that the Coinbase operates as an unregistered exchange, broker and clearing agency.
News & Insights
Republicans on the House Financial Services Committee and the House Committee on Agriculture requested clarification from the SEC as to whether the Ethereum token, Ether, is a security.
In a Motion for Remedies, the SEC argued that crypto exchange Ripple should pay more than $2 billion in penalties for selling its token, XRP, to institutional investors.
SEC Chair Gary Gensler criticized "those who seek to reduce information available to investors," including crypto industry participants who attempt to avoid registration and required disclosure requirements.
The SEC was sanctioned for presenting false and misleading evidence in obtaining a temporary restraining order and asset freeze against a crypto firm. Judge Robert J. Shelby delivered the ruling, calling the SEC's actions toward the crypto firm a "gross abuse of power."