At Least One Federal Judge is Frustrated With the SEC

The case between Ripple and the SEC isn’t the only one that’s looming over the industry, as the Commission’s been on a roll lately.

Just recently, the United States Securities and Exchange Commission filed lawsuits against the world’s largest cryptocurrency exchanges – Coinbase and Binance.

Paul Grewal, the Chief Legal Officer of Coinbase, commented on a ruling by the Third Circuit, which says it will retain jurisdiction over the company’s challenge to the SEC’s inaction on their petition for basic rules for crypto.

We are grateful that the Court will continue to shine a bright light on an SEC process that until now has operated entirely in darkness.

• Taking part in the discussion was also David Schwartz, CTO of Ripple.
• He outlined that the above is “kind of a rollercoaster” because the court has insisted the “SEC tell it when the commission was going to rule on Coibase’s request.” At the same time, it has also let “the SEC get away with taking four months just to update the court on just their progress towards getting a staff recommendation.”
• He concluded that there is some sort of positivity in all that.

I guess the most positive spin I can put on it is the fact that Coinbase was successful in getting any relief at all is likely an indication that at least some of our frustration with the SEC is shared by at least one more Federal Judge, and maybe lots more Federal judges.

• More recently, CryptoPotato reported that John Deaton – a lawyer representing thousands of XRP holders, also bashed the Securities and Exchange Commission.