• Coinbase’s Chief Legal Officer, Paul Grewal, has shared the latest developments in their legal battle with the SEC.
• Ripple CTO David Schwartz has reacted to the updates and hinted at a surprising outcome.
• The Third Circuit has decided to maintain jurisdiction over Coinbase’s challenge and granted the SEC four months to inform the court of their progress towards a staff recommendation.

Coinbase’s Legal Battle With SEC

Coinbase’s Chief Legal Officer, Paul Grewal, has shared the latest developments in their legal battle with the Securities and Exchange Commission (SEC). The Third Circuit has decided to maintain jurisdiction over Coinbase’s challenge and granted the SEC four months to inform the court of their progress towards a staff recommendation.

Ripple CTO Reacts

Ripple’s Chief Technology Officer (CTO) David Schwartz expressed his thoughts on this matter in response to Grewal’s tweet. He characterized it as a “rollercoaster” but acknowledged that many initially perceived Coinbase’s legal maneuver as a mere publicity stunt, expecting no relief for them. However, he considered Coinbase’s achievement a victory and speculated that other Federal judges may share their frustration with the SEC.

Court Orders 120-Day Report

The court ordered a further report due within 120 days while maintaining jurisdiction over Coinbase’s challenge against SEC inaction concerning regulations within crypto domain. This decision was appreciated by Grewal who applauded it for shining bright light on an opaque process by the regulator.

Positive Spin On The Situation

Schwartz took a positive stance on this situation by putting his own spin on it – that at least one Federal judge shares some of their frustrations with how SEC operates when it comes to cryptocurrencies regulation. This is seen as an indication that more Federal judges might feel similarly about this matter.

Conclusion

The ongoing legal battle between Coinbase and SEC is now sure to receive additional attention from both parties involved as well as from other stakeholders in crypto space given its relevance for future industry regulation in US markets.