Ripple, Binance and Coinbase score partial wins against US SEC, mark milestone in crypto history

  • Binance and Coinbase concluded key hearings in the SEC’s lawsuit against the two exchanges as of Tuesday. 
  • Ripple successfully got the Hinman documents unlocked and available for public view after an arduous legal battle. 
  • Several altcoins started their recovery in response to the developments in the SEC’s lawsuits against Binance and Coinbase. 

June 13 marked a key milestone in the crypto ecosystem’s history. After engaging in la ong legal battle with the Securities and Exchange Commission (SEC), Ripple successfully got Hinman's emails publicly released. XRP price hit a peak of $0.5649 on Tuesday before pulling back to $0.5015 on Binance.

Meanwhile, the judge presiding over Binance's hearing urged the SEC and Binance to reach common ground and negotiate, setting a deadline of June 15 for the next update. BNB price recouped its losses as sentiment among holders turned bullish.

Coinbase received the SEC’s response on rule-making in crypto. The regulator highlighted that there are no new decisions on crypto rules and did not commit to another deadline in the case. COIN climbed 4.42% as of June 14, recovering from its losses from the past week. 

Also read: XRP price settles above $0.50, wiping out gains from Hinman documents release

SEC vs. Ripple update

The release of the Hinman documents landed two wins in the crypto ecosystem. One, Ripple’s legal team argued that the SEC had no clear understanding of what constitutes a security and used “made-up tests” to infer that Ethereum is a non-security, strengthening its defense that the regulator has provided no clarity or guidance before claiming that XRP is a security. 

For updates on the documents, their relevance and impact on XRP, check this post.

The second win is defense for crypto exchanges that are suffering allegations of the sale of unregistered securities. The SEC has no new rules on classification or identification of securities and non-securities, therefore showing the underlying weakness in their allegations against the two leading crypto exchanges. 

Binance and Coinbase score partial wins against the SEC

Binance and Coinbase are two of the largest cryptocurrency exchanges in the crypto ecosystem. Both platforms were slammed by lawsuits by the US financial regulator, accusing them of the sale of unregistered securities and several other counts of violations of securities laws.

Binance’s hearing on Tuesday saw presiding Judge, Amy Berman Jackson, suggesting that the exchange and the regulator negotiate an agreement and file an update by Thursday, June 15. According to a New York Times report, the judge called out the SEC for being “inefficient and cumbersome” in its lawsuit against Binance, tipping the scales in the exchange’s favor. For more information on the hearing, check this update.

Coinbase’s Chief Legal Officer, Paul Grewal, tweeted an update on the exchange’s partial win against the regulator. Grewal pointed out that the SEC accepted that no decision was made on new crypto rules. 

The regulator failed to commit to a deadline despite explicit orders from the court. The SEC’s response to last week’s Third Circuit was therefore inadequate to provide clarity on crypto asset regulation. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content

Recommended Content

Editors’ Picks

PEPE hits new all-time high, meme coin could extend gains

PEPE hits new all-time high, meme coin could extend gains

PEPE hit a new all-time high at $0.00001725 on Monday, May 27. The frog-themed meme coin noted a surge in active addresses and social dominance amidst rising price. 

More PEPE News

Fantom price could rally 20% but needs to test major support level first

Fantom price could rally 20% but needs to test major support level first

Fantom (FTM) price has lost some steam after the sharp increase registered from May 15 to May 20 but looks poised for further gains, technical indicators and on-chain data show.

More Fantom News

FLOKI, MAGA tokens post double-digit rally with bullish on-chain metrics

FLOKI, MAGA tokens post double-digit rally with bullish on-chain metrics

Crypto intelligence tracker Lookonchain identified a large wallet investor who has accumulated FLOKI (FLOKI) and MAGA TRUMP (MAGA) tokens, in exchange for Ether, since April 8. 

More Cryptocurrencies News

XRP ETF could gain approval in 2025, Ripple holders await lawsuit ruling

XRP ETF could gain approval in 2025, Ripple holders await lawsuit ruling

Ripple (XRP) holders are awaiting a ruling in the Securities and Exchange Commission’s (SEC) lawsuit against the payment remittance firm. A court ruling was awaited in May 2024, however there is no update, as of Monday, May 27. 

More Ripple News

Bitcoin: BTC struggles, but $80K is at striking distance Premium

Bitcoin: BTC struggles, but $80K is at striking distance

Bitcoin (BTC) price is in a good position to resume the bull rally despite the recent struggle. Optimism will restart if BTC overcomes a critical hurdle and flips it into a foothold. In such a case, the pioneer crypto will be slated to push to a new all-time high (ATH). 

Read full analysis