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The US Securities and Exchange Commission (SEC) defies Judge Analisa Torres’ ruling within the Ripple lawsuit that made programmatic gross sales to the general public and distributions of XRP to Ripple staff as non-securities. Coinbase CLO Paul Grewal and XRP attorneys reacted to information that the SEC requested Coinbase to delist all crypto except Bitcoin earlier than the lawsuit.

XRP Community On SEC Asking Coinbase to Delist All Crypto

Pro-XRP attorneys together with John E. Deaton, Bill Morgan, and others touch upon the most recent information of the US SEC requested Coinbase to cease buying and selling all crypto besides Bitcoin earlier than the lawsuit.

John Deaton said the SEC is making an attempt to construct an anti-crypto narrative and the most recent report exhibits how vital Judge Torres’ ruling within the US SEC v. Ripple Labs. “If the SEC had won the case as it had hoped, Gary Gensler and Elizabeth Warren’s anti-crypto army would’ve been out in full force,” stated Deaton. 

“Do you think all Democrats who’ve spoken out since the Torres Decision, including the 6 who voted in favor of the Bill coming out of the Financial Services Committee, would’ve done what they did had Torres ruled XRP is a security? Of course not.”

Lawyer Bill Morgan argues the Torres ruling is an important choice for the crypto trade, particularly her reasoning that XRP token itself will not be a safety. It in all probability would apply to most tokens on the Coinbase change. In reality, Coinbase wasn’t buying and selling XRP, however relisted XRP instantly after the ruling.

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Coinbase CLO Paul Grewal Highlights Key Point in Torres Ruling

Coinbase chief authorized officer Paul Grewal in a post on July 31 stated Judge Torres’ ruling will stay a serious choice for the crypto trade. He added that “A judge’s job is to apply the law as it is, not fill gaps in it, Judge Torres understood this.”

He cites lawyer Lewis Cohen’s tweet on the precedent Sinva v. Merrill Lynch utilized by Judge Torres within the ruling. The decide rejected a key SEC’s argument that speculative buying and selling of XRP signifies that the securities legal guidelines ought to apply.

Also Read: Binance Becomes First Crypto Exchange To Get Major License In Dubai

Varinder has 10 years of expertise within the Fintech sector, with over 5 years devoted to blockchain, crypto, and Web3 developments. Being a expertise fanatic and analytical thinker, he has shared his data of disruptive applied sciences in over 5000+ information, articles, and papers. With CoinGape Media, Varinder believes within the large potential of those modern future applied sciences. He is at the moment overlaying all the most recent updates and developments within the crypto trade.

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