Ethereum
XRP News Today: SEC Ends Investigation into Ethereum 2.0, Ripple’s Future
Additionally, the ruling could influence the ongoing court ruling on Coinbase (PIECE OF MONEY) Request for interlocutory appeal.
SEC v. Coinbase: Consensys and Coinbase’s Request for Interlocutory Appeal
Coinbase filed a motion for interlocutory appeal in April 2024 to challenge the court’s decision, denylargely, Coinbase’s motion to dismiss (BAT).
Judge Failla did not dismiss the charges against Coinbase for operating as an unregistered securities exchange, assuming that,
“The court concludes that because the Complaint’s well-placed allegations plausibly support the SEC’s contention that Coinbase operated as an unregistered securities intermediary, Defendants’ motion must be substantially denied. “
Pro-crypto lawyer MetaLawMan highlighted the possible implications of the end of the SEC investigation into Consensys, saying,
“SEC attorneys repeatedly (and successfully) argued during the Coinbase hearing that: Digital Asset + Ecosystem = Security. But now they recognize that ETH (a digital asset + an ecosystem) is NOT a security.
If Judge Failla considers the SEC’s position with Consensys, she could grant Coinbase’s interlocutory appeal request. A Coinbase victory against the SEC would further diminish the SEC’s hopes of overturning the ruling on XRP programmatic sales.
SEC plans to appeal ruling on XRP programmatic sales remain hurdle.
Stuart Alderoty, Ripple’s Chief Legal Officer, reacted to the news on X (formerly Twitter): assignment,
“A big victory for Consensys, even if questions remain. Does this mean that the SEC considers Consensys’ offers and sales of ETH to be not securities transactions and/or that ETH itself is not a security? What will Gensler say if asked now? What is the status of MetaMask and staking? This is no way for a government to regulate.