Ripple Labs and Coinbase have increased the intensity of their legal defense by pointing to the recent court decision involving Binance, which succeeded in dispelling part of the lawsuit thrown by the SEC. The company argues that this precedent highlights the need for the SEC to establish clear regulations.

In its latest court filing, Ripple emphasized the judge's statement that Cryptocurrencies are inconsistent with existing securities laws, as established by the Howey Test of 1946. Coinbase also simultaneously raised concerns over the SEC's broad interpretation of securities laws as applied to the industry Crypto. The exchange asserted that this broad application could become broader and better defined, thereby prompting a definitive rulemaking process to provide legal clarity around the Cryptocurrency industry.

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