A renowned pro-XRP lawyer, Bill Morgan, has suggested that the potential loss of Coinbase in the SEC appeal could reinforce the SEC's stance on XRP's programmatic sales, which could impact the crypto market.

In the ongoing legal dispute between Coinbase and the U.S. Securities and Exchange Commission (SEC), a recent comment by the pro-XRP lawyer has sparked discussions in the crypto community. The recent move by Coinbase to seek an interlocutory appeal has caught the attention of market enthusiasts and traders alike.

This development, according to pro-XRP lawyer Bill Morgan, could potentially strengthen the SEC’s position in the XRP programmatic sales case. With Coinbase challenging the SEC’s definition of an “investment contract,” the outcome of this appeal could shape the regulatory landscape for cryptocurrencies in the United States.

Coinbase's Legal Dispute Sparks Crypto Market Debate

Coinbase, a leading cryptocurrency exchange, is intensifying its legal dispute against the SEC by filing a brief to pursue an interlocutory appeal. The appeal focuses on the definition of an “investment contract,” challenging the SEC’s interpretation of the term. The outcome of this appeal could significantly influence the XRP programmatic sales case, as highlighted by XRP lawyer Bill Morgan.

Coinbase emphasizes the need for clarity in the rapidly evolving cryptocurrency industry, stating that the SEC's actions extend beyond its legislative mandate, potentially stifling innovation in the digital asset space. Despite the legal uncertainties, Coinbase remains committed to advocating for regulatory clarity, not only for its operations but also for the broader crypto community.

Pro-XRP Lawyer Shares Insights

Pro-XRP lawyer Bill Morgan has commented on Coinbase’s interlocutory appeal against the SEC, suggesting that a loss for Coinbase could bolster the SEC’s appeal regarding Judge Torres’s finding on XRP’s programmatic sales not being investment contracts. FOX journalist Eleanor Terrett reports on Coinbase’s motion seeking Judge Failla’s permission for an interlocutory appeal, citing Judge Rakoff’s opinion on digital assets potentially constituting investment contracts under the Howey Test.

Interlocutory appeals are challenging to obtain before a final judgment, as evidenced by the SEC’s previous unsuccessful attempt in the Ripple case. Amid the ongoing debate, the XRP price fell nearly 11% over the last 24 hours, while its trading volume soared by 160%. However, the recent slump is largely attributed to the broader cryptocurrency market's ongoing sell-off.