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Coinbase Meets A Great Opportunity In Supreme Court Ruling on Student Loans

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Amid the ragging SEC legal battle against Coinbase for selling unregistered securities on their exchange, the attorneys of the crypto exchange are making plans to leverage a Supreme Court ruling regarding student loan debt.

The Coinbase legal team wants to use the court’s decision to strengthen its defense against SEC charges.

As per the exchange’s understanding regarding a ‘clear congressional authorization’ the rules of the Congress for cryptocurrencies are not yet clear.

READ ALSO:  SEC Reacts to Coinbase In Ongoing Lawsuit

In a Brief

  • The Securities and Exchange Commission accused Coinbase of operating an unregistered security platform but the crypto exchange strongly refutes the accusation.
  • Coinbase argued back to refute the charges citing the recent ruling by the Supreme Court on student loan cancellation. The Supreme Court ruling states that the Secretary of Education surpassed his power in eliminating $430 billion in student debts.
  • The Supreme Court decision also said that the Secretary of Education underscored the core legal principle of “major decisions that have a notable political or economic impact should obtain explicit approval from Congress.”
  • In the case of Coinbase, the crypto exchange referred to the Biden versus Nebraska case arguing that congressional regulations for the cryptocurrency sector are still unclear.
  • Similarly, last month June, Bittrex, an innovative exchange filed a complaint against SEC. Their complaint states that constitutionally, SEC has no authority to override Congress’s decisions. Since, according to the Securities Act or Exchange Act of 1933, SEC doesn’t have the jurisdiction to casually pronounce tokens as securities.
  • As this legal battle rages on, Congress is still deliberating on various digital assets regulations.

Crypto Outlook

As of the time of this writing, the price of Dogecoin DOGE is at $0.06543, with an increase in its market cap by 0.60% and an increase in volume by 20.16%.

Meanwhile, Solana trades at $22.34, with a market cap increase of 0.06%, and an increase in trading volume by 0.05%.

In addition, Litecoin‘s price today is at $99.97 with an increase in market cap by 3.88% and an increase in trading volume by 39.52%.

Likewise, Polygon trades at $0.7599, with an increase in market cap by 3.39%, and an increase in volume by 51.90%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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