Coinbase uses the precedent of Judge Amy Berman Jackson in SEC v. Binance, emphasizing that secondary sales of Binance's BNB token are not sales of securities. Coinbase accuses the SEC of arbitrarily setting rules without a consistent framework. 🏛️
On June 27, Coinbase filed a lawsuit against the SEC and FDIC, alleging that both agencies conspired to keep the crypto industry out of the banking sector.
Judge Jackson's decision in the SEC against Binance reinforces the previously established precedent in the SEC against Ripple Labs. However, Judge Torres also ruled that the initial sales of XRP to institutional investors constituted a sale of securities.