SEC vs. Coinbase: Consensys and the Coinbase Motion for Interlocutory Appeal Impact on XRP Price Action

The ongoing legal battle between the Securities and Exchange Commission (SEC) and cryptocurrency exchange Coinbase has taken an interesting turn with the recent developments surrounding Consensys and the Coinbase Motion for Interlocutory Appeal.

In April 2024, Coinbase filed a Motion for Interlocutory Appeal to challenge a court ruling that denied, in part, their Motion to Dismiss (MTD). Judge Failla refused to dismiss the charges against Coinbase for allegedly operating as an unregistered securities exchange, stating that the allegations in the complaint supported the SEC’s claims.

Pro-crypto lawyer MetaLawMan pointed out the significance of the SEC’s decision to end its investigation into Consensys, noting that it contradicted their argument in the Coinbase case. This development could potentially impact the outcome of the pending court ruling on the Coinbase Motion for Interlocutory Appeal.

If Judge Failla takes the SEC’s stance on Consensys into consideration, it could result in a favorable outcome for Coinbase. A victory for Coinbase against the SEC would also weaken the SEC’s position in their appeal against the Programmatic Sales of XRP ruling.

Meanwhile, Ripple’s Chief Legal Officer, Stuart Alderoty, expressed his thoughts on the matter, raising questions about the implications of the SEC’s actions on Consensys and the status of other cryptocurrencies like ETH.

As the legal battle continues to unfold, the XRP price action remains uncertain, with the SEC’s appeal against the Programmatic Sales of XRP ruling posing a potential challenge for Ripple and the broader cryptocurrency market. Stay tuned for more updates on this developing story.