Coinbase and Ripple Labs are looking to leverage their cases with the U.S. Securities and Exchange Commission by citing a recent order that gave Binance a win for how secondary sales of crypto are treated.
This comes as Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia mostly rejected Binance's push to dismiss its case with the SEC last week, but did dismiss some of the SEC's points, including that secondary sales of BNB were securities. Coinbase posted a similar filing on Monday, leveraging the Binance order in its case against the SEC for allegedly operating as an unregistered exchange.
Howey is based on a 1946 U.S. Supreme Court case frequently cited by the SEC, to determine if an asset qualifies as an investment contract and, therefore, a security.
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