Five Things to Know in Crypto This Week: SEC vs. Ripple, Coinbase, and Robinhood

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Republican Party Front-Runner and Former President Trump Plugged Cryptos

This week, Republican Party front-runner and former US President Donald Trump voiced his support for crypto, saying,

“If you ask Biden, Sir are you for or against crypto? What’s that? What? Get me off the stage. He’s saying get me off the stage. No, he has no idea. But look, Gensler is very much against it, the Democrats are very much against it and I say this, a lot of people are very much for it.”

Trump went on to say,

“I’m fine with it. I want to make sure it’s good and solid and everything else. But I’m good with it. And if you like crypto in any form, and it comes in a lot of different forms, if you’re in favor of crypto you better vote for Trump.”

The crypto community views a Republican Party victory as a boon for the US digital asset space. Significantly, a Republican win could pave the way for the Lummis and Gillibrand Responsible Financial Innovation Act through Congress. The Act would give the Commodity Futures Trading Commission (CFTC) authority to regulate the digital asset space.

SEC Opposed the Coinbase Motion for Interlocutory Appeal

Amidst a flurry of SEC activity, the SEC filed its response to the Coinbase motion for interlocutory appeal.

Coinbase Chief Legal Officer Paul Grewal shared the news on X (formerly Twitter), saying,

“In a nightcap to this busy day, the SEC also filed their response to the Third Circuit APA challenge we brought to their refusal to pursue notice-and-comment rulemaking. Their basic response: “no additional explication is required to understand the Commission’s policy decision.”

Grewal added,

“But other than denying any obligation to explain itself, they simply rehash the fallacy that registration as is is “workable.” We are confident the Court will see this for what it is.”

Coinbase filed the motion for interlocutory appeal in response to the court ruling on the Coinbase motion to dismiss (MTD). Judge Katherine Failla surmised,

“The court concludes that because the well-placed allegations of the Complaint plausibly support the SEC’s claim that Coinbase operated as an unregistered intermediary of securities, Defendants’ motion must be denied in large part.”

In the week ending May 10, Coinbase shares tumbled 10% to $200.92.

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