📊 The outcome of the lawsuit between Coinbase and the SEC could be a turning point in the altcoin season? 🚨
We all know that in June last year, the SEC sued Coinbase, accusing multiple cryptocurrencies on its trading platform of being unregistered securities.
In April of this year, Coinbase appealed the case, a request based on the SEC's recent appeal in the Ripple lawsuit, which is currently in the trial stage.
Coinbase's legal team pointed out that according to the Howey test (four criteria for assessing whether an asset is a security), the altcoins traded on their platform do not meet the definition of securities and should not be classified as securities, but should be regarded as assets. In addition, the SEC's recent appeal against Ripple's lawsuit has further affected the growth of the virtual asset market.
It is worth noting that on September 18, the SEC filed an application for an extension of the Coinbase lawsuit, extending the original October 18 deadline for evidence submission to February 2025. This is good news for Coinbase, because there is a view that February 2025 is likely to be the outbreak period of the altcoin market. If Coinbase can win the lawsuit against the SEC, it may trigger the next wave of altcoin surge.
In response to this case, Coinbase's lawyers argued that the SEC's allegations against Coinbase seem unreasonable, because Coinbase has been trying to comply with SEC laws, but the SEC's legal interpretation of securities and assets is very vague and lacks transparency. Therefore, the lawyer believes that the SEC's lawsuit against Coinbase is making trouble for no reason and lacks reasonable logic.
At present, given the SEC's application extension and the SEC's inability to prove whether these cryptocurrency projects are securities, the general market view is that Coinbase has a high chance of winning this legal battle.
On the other hand, if evaluated according to the standards of the Howey test, most altcoins should be classified as assets rather than securities. Therefore, there is reason to believe that in the next few months, we may see a clearer result of the SEC's legal lawsuit against Coinbase.
🔍What do you think of the legal lawsuit between Coinbase and the SEC? How do you think this will affect the altcoin market? Feel free to leave your comments in the comments section!
