Federal Court Upholds SEC Lawsuit Against Coinbase, Excluding Coinbase Wallet

Amidst the ongoing legal battle between Coinbase and the SEC, Bitcoin proponent Max Keiser supports the SEC's stance, reiterating his belief that all cryptocurrencies except Bitcoin are unregistered securities, including XRP and ETH. This legal action, initiated last year for alleged trading of unregistered securities, highlights the ongoing debate within the SEC regarding the classification of cryptocurrencies as commodities or securities.

Court Upholds SEC Lawsuit Against Coinbase, Excluding Coinbase Wallet

In a significant development in the ongoing regulatory battle between the Securities and Exchange Commission (SEC) and the cryptocurrency industry, a federal court has denied Coinbase's motion to dismiss the SEC's lawsuit against the exchange. The court's decision allows the SEC to proceed with its allegations that Coinbase has facilitated the trading of unregistered securities. However, the court did exclude Coinbase Wallet from the lawsuit, a victory for the exchange.

Coinbase responded to the ruling in a series of tweets, acknowledging that it was prepared for the outcome and expressing confidence in its case. "We look forward to uncovering more about the SEC's internal views and discussions on crypto regulation," the company stated.

Keiser Sides with SEC, Asserts Altcoins Are Securities

Renowned Bitcoin advocate and financial journalist Max Keiser has voiced his support for the SEC's actions against Coinbase and other altcoin exchanges. In a recent tweet, Keiser reiterated his stance that all cryptocurrencies except Bitcoin (BTC) constitute unregistered securities, including popular assets such as Ethereum (ETH) and XRP.

Keiser has consistently argued that altcoins are highly centralized and lack the decentralized characteristics that make Bitcoin the dominant digital asset. He believes that the SEC is justified in taking enforcement actions against exchanges that offer such assets to investors.

SEC's Scrutiny of Ethereum Continues

Amidst the ongoing legal battles, the SEC has reportedly reignited internal discussions regarding Ethereum's classification. While ETH has historically been treated as a commodity by the agency, some officials are questioning whether its recent centralization trends warrant a reclassification as a security.

Bitcoin maximalists, such as Keiser and Samson Mow, have strongly advocated for ETH to be classified as a security due to its centralized governance and Proof-of-Stake consensus mechanism.

Ripple's Ongoing Battle with SEC

The legal dispute between the SEC and Ripple Labs over the status of XRP continues to unfold. The SEC alleges that Ripple has sold XRP as an unregistered security, while Ripple maintains that XRP is a utility and not subject to securities laws.

In a recent development, the SEC has demanded that Ripple pay $2 billion in remedies to cover alleged fines and damages. Ripple has contested this request and is seeking a summary judgment to dismiss the case.

The outcome of these legal battles has significant implications for the cryptocurrency industry. The SEC's pursuit of enforcement actions against exchanges and crypto projects has created uncertainty and raised concerns about regulatory overreach. However, Bitcoin maximalists view the SEC's actions as necessary to protect investors from scams and unregistered securities.