Yet another court has criticized the SEC's anti-crypto crusade ahead of Gensler's departure
The Third Circuit Court of Appeals dubbed the agency's actions"arbitrary" and"capricious" regarding the agency's rejection of Coinbase's petition that was seeking comprehensive rulemaking. The SEC has been requested to provide the reason for its denial. According to Alderoty, Judge Stephanos Bibas has"laid bare" what the cryptocurrency industry has been saying for years.
However, the concurrence highlighted by Alderoty might bode well for Ripple since it embodies Ripple's appellate argument. "There is a phenomenal concurrence by Judge Bibas that is exactly what Ripple is appealing: That old, musty dusty crusty rules from a century ago don't work for crypto," he said.
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