Armstrong Coinbase has filed to support Ripple in the ongoing case between the Ripple Labs and the US Securities and Exchange Commission (SEC) on Monday.
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In 2020, SEC sued Ripple Labs over the sale of XRP as unregistered securities, the case which threatens the broad operation of the crypto industry has seen many crypto advocates supporting Ripple, among them is SpendTheBits, a crypto payments app that uses XRP, and with the new filing, Coinbase has joined the list of crypto lobbyists to help Ripple to win its case against SEC.
In the Coinbase position, it brought out whether the SEC provided “fair notice” before bringing its enforcement action, digging into the common stance of the industry on whether the regulator has not provided clear guidance to businesses in the process.
“Given the absence of SEC rulemaking for the cryptocurrency industry, the question of whether the SEC has given fair notice before bringing an enforcement action against sales of one of the thousands of unique digital assets will often be highly fact-intensive, which makes it particularly ill-suited for adjudication on summary judgment,” said Coinbase in the filing.
Armstrong Coinbase also pointed out the inconsistency of the SEC regarding its enforcement approach, which led to “uncertainty” for companies in the sector involved.
“In addition, existing SEC registration requirements for national securities exchanges are currently unsuitable to the way digital asset platforms operate,” the filing said.
“Existing SEC requirements, however, only allow broker-dealers to be members of registered securities exchanges, meaning that retail customers can only trade assets on exchanges indirectly by using the services of broker-dealers that charge transaction fees and add intermediation risks that could be avoided on digital asset trading platforms, again to the benefit of customers,” it continued.
“Ripple and others have been the subject of extensive enforcement scrutiny while others – with nearly identical products or services – have apparently been subject to none,” the filing added.
Recall that in June, Ripple said it will leave the US if defeated in court by the SEC, also in September, both parties requested summary judgment in court as the case seems to be taking too long.
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