• Ripple’s lawyer John Deaton has argued that the SEC has not cited a specific case in the past 76 years that directly addresses the issue of secondary market sales of a digital asset like XRP.
• Coinbase has filed a lawsuit against the SEC and is challenging their actions.
• The outcome of Coinbase’s lawsuit remains uncertain and will have an impact on the legal battle between Ripple Labs and the SEC.

Ripple Lawyer Challenges SEC

Ripple’s lawyer, John Deaton, has challenged the Securities and Exchange Commission (SEC) by arguing that they have not cited any relevant precedent in the past 76 years with regards to secondary market sales of digital assets like XRP.

Coinbase Files Lawsuit Against SEC

In response to the SEC’s actions, Coinbase has filed a lawsuit against them and is currently challenging their decisions. The outcome of this lawsuit is still uncertain, but it could potentially have an impact on Ripple Labs‘ ongoing legal battle with the agency.

What Is The Howey Test?

The Howey test is used by courts to determine whether a transaction qualifies as an “investment contract”, which would therefore classify it as a security under law. It is this test that may be used by the SEC in order to argue its case against Ripple Labs.

Summary Judgement Expected On May 6th

The wait for Summary Judgement continues while there are discussions surrounding XRP’s role in this case. A summary judgement could be made before May 6th 2023 and it may decide if Ripple Labs should be treated as securities or not based on evidence presented so far.


The outcome of both Coinbase’s lawsuit against SEC and Ripple Lab’s legal battle with them remain uncertain at this point in time, but these cases will continue to garner attention from those within cryptocurrency community until they come to some sort of conclusion.