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Will Crypto Have to Go to The Supreme Court For Clarity?

Published 04/05/2024, 08:37 PM
Updated 04/05/2024, 08:45 PM
Will Crypto Have to Go to The Supreme Court For Clarity?

  • Chief legal officer Amanda Tuminelli said crypto may need the Supreme Court’s intervention.

  • The view comes amid two district judges issuing conflicting crypto asset classification rulings.

  • Pundits suggest a higher court could reverse the XRP victory ruling.

Participants in the crypto market continue to clamor for clear crypto rules from U.S. regulators, particularly from the SEC, infamous for charging crypto firms with violating federal security laws.

A significant breakthrough emerged when U.S. District Judge Analisa Torres ruled against the SEC in July 2023 that XRP is not a security. However, the SEC recently secured a victory over crypto exchange Coinbase (NASDAQ:COIN) regarding how crypto assets may classify as security.

In particular, U.S. District Judge Katherine Failla sided with the SEC by ruling that tokens sold on exchanges like Coinbase qualify as investment contracts. Meanwhile, Judge Torres rejected this view in the XRP case. She ruled that such transactions occur through blind bid/ask trades and, hence, do not classify as investment contracts.

Read more on Coin Edition

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