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Coinbase is trying to get a higher court to take a look at a question at the heart of its legal dispute with the Securities and Exchange Commission.
The courts must accept the request for appeal before it can move forward, but the SEC has said the exchange hasn’t made its case.
Coinbase Inc. (COIN) took another step in its back-and-forth argument with the U.S. Securities and Exchange Commission (SEC) on whether the cryptocurrency exchange should be allowed to raise a single, core legal point for consideration by a higher court.
After the company’s effort to dismiss the SEC’s enforcement case against it was rejected in federal court, Coinbase lawyers on Friday filed for a so-called interlocutory appeal that seeks to get one question considered at the next level up: Is a digital asset transaction that poses no obligation to the original issuer of the asset an investment contract regulated by the SEC?
Coinbase’s filing described the query as “a novel legal question in a regulatory action against a market leader that could shape or distort a multi-trillion-dollar industry.”
The exchange said “no appellate court has addressed whether a digital asset transaction carrying no post-sale obligations can be an ‘investment contract'” under the Howey Test that’s the legal standard for determining what assets are securities. Coinbase also argued that the SEC is acting inconsistently, because it pursued a similar appeal in its case against Ripple.
Coinbase had requested this appeal to the U.S. Court of Appeals for the Second Circuit last month, and the SEC argued on May 10 that the court already “noted the lack of any legal authority for Coinbase’s various arguments,” contending that “there can be no doubt” that the latest request to be allowed to appeal also fails to establish such legal grounds and should be halted.
The request would have to be accepted by the courts, including Judge Katherine Polk Failla, of the U.S. District Court for the Southern District of New York, who rejected Coinbase’s request to dismiss the SEC’s original case, which accused the exchange of operating illegally. Resolving this central legal question could help steer a number of other SEC enforcement clashes with the industry.
Also this week, Coinbase lost a U.S. Supreme Court argument over a narrow question on arbitration disputes.
Edited by Sheldon Reback.
OEIS The Private Eye:
Darrell Kriplean, president of the Phoenix Law Enforcement Association, which represents about 2,200 Phoenix officers, stands at a lectern with microphones to take a ask for the length of a news conference Thursday in Phoenix. A Justice Division account acknowledged Phoenix police discriminate in opposition to Gloomy, Hispanic and Native American folks, unlawfully detain homeless folks and employ frightful power, including unjustified deadly power.
Ross D. Franklin/AP
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Ross D. Franklin/AP
PHOENIX — Phoenix police discriminate in opposition to Gloomy, Hispanic and Native American folks, unlawfully detain homeless folks and employ frightful power, including unjustified deadly power, in response to a sweeping federal civil rights investigation of laws enforcement within the nation’s fifth-perfect metropolis.
The U.S. Justice Division account released Thursday says investigators chanced on stark racial disparities in how officers within the Phoenix Police Division place into ticket obvious laws, including low-degree drug and web site visitors offenses. Investigators chanced on that Phoenix officers shoot at folks that live no longer pose an forthcoming threat, fireplace their weapons after any threat has been eliminated, and automatically prolong scientific like folks injured in encounters with officers.
The account doesn’t level out whether the federal government is pursuing a court-enforced reform intention typically known as a consent decree — an recurrently costly and prolonged direction of — nonetheless a Justice Division reliable instructed journalists that in equivalent cases that reach has been used to live reforms.
Phoenix police did finally comment on the account, referring inquiries to the metropolis. But a high police union reliable known as the Justice Division investigation a “farce,” and warned that a consent decree would misery officer morale.
“The Division of Justice will not be any longer attracted to making local police departments and the communities they attend better,” acknowledged Darrell Kriplean, president of the Phoenix Law Enforcement Association, which represents about 2,200 officers. “This action demonstrates that they’re perfect attracted to eradicating administration of local police from the communities that they attend by consent decrees.”
Phoenix Mayor Kate Gallego acknowledged in a assertion that metropolis officials would meet June 25 to salvage factual advice and discuss next steps.
“I will somewhat and totally evaluation the findings sooner than making extra comment,” she acknowledged.
Licensed knowledgeable Fundamental Merrick Garland known as the account “a vital step toward accountability and transparency.” He acknowledged in an e-mail that it underscores the department’s commitment to “predominant reform that protects the civil rights and safety of Phoenix residents and strengthens police-neighborhood belief.”
The Justice Division acknowledged Phoenix officers place into ticket obvious laws — comparable to low-degree drug and web site visitors offenses, loitering and trespassing — extra harshly in opposition to Gloomy, Hispanic and Native American folks than in opposition to white folks that have interaction within the same conduct.
Gloomy folks within the metropolis are over 3.5 times extra seemingly than white folks, let’s bear in mind, to be cited or arrested for no longer signaling sooner than turning, the account says. Hispanic drivers are greater than 50% extra seemingly than white drivers to be cited or arrested for speeding near college zone cameras. And Native American folks are greater than 44 times extra seemingly than white folks — on a per capita basis — to be cited or arrested for possessing and drinking alcohol.
Officers investigating drug-related offenses also had been 27% extra at possibility of unlock white folks in half-hour or much less, nonetheless Native American citizens accused of the same offense had been detained longer, the department acknowledged. And Native American citizens had been 14% extra at possibility of be booked for trespass, while officers cited or released white folks accused of the same offense.
There is “overwhelming statistical proof” that the disparities are attributable to discrimination, the Justice Division acknowledged.
Assistant Licensed knowledgeable Fundamental Kristen Clarke, who leads the Justice Division’s Civil Rights Division, criticized Phoenix for “over-policing” homeless folks, including arrests with out moderately priced suspicion of a criminal offense. More than a third of the Phoenix Police Division’s misdemeanor arrests and citations had been of homeless folks, the account says. The DOJ investigation began in August 2021.
Litigation is an possibility if the Justice Departments’ efforts to safe a consent decree are unsuccessful.
“We remain very hopeful that we can fabricate on the computer screen account of success that we have had in varied jurisdictions all the intention in which by our country and place in location a consent decree that contains the sturdy medication compulsory to tackle the severe violations identified,” Clarke acknowledged.
Phoenix Cops witness protesters rally on June 2, 2020, for the length of demonstrations over the dying of George Floyd.
Matt York/AP
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Matt York/AP
An analogous DOJ investigations in Albuquerque, Baltimore and in varied locations have chanced on systemic complications related to frightful power and civil rights violations, some resulting in costly consent decrees that have lasted for years.
In Phoenix, a 2020 case accusing 15 protesters of being in an anti-police gang used to be dismissed on story of there wasn’t credible proof; in 2017, a “enlighten coin” used to be circulated among officers depicting a gas cowl-carrying demonstrator getting shot within the groin with a projectile; and in June 2019, mobile phone video emerged showing officers pointing weapons when they confronted an unarmed Gloomy couple with two little kids they suspected of shoplifting.
Poder In Action, a Phoenix group that advocates for fogeys of color and workers, acknowledged the findings had been no surprise.
“We never wished a DOJ investigation to portray us this,” the group acknowledged in a assertion. “The knowledge and the tales from residents had been telling us this for years.”
The account acknowledged some police shootings took location on story of of officers’ “reckless ways,” and that police “unreasonably prolong” providing aid to folks they have gotten shot and employ power in opposition to these that are unconscious or in any other case incapacitated.
In a single instance, police waited greater than 9 minutes to produce aid to a girl whom officers had shot 10 times, the Justice Division acknowledged. The woman died.
The investigation zeroed in on the metropolis’s 911 operations. Even supposing Phoenix has invested $15 million to ship non-police responders to mental health calls, the metropolis hasn’t given the 911 name-takers and dispatchers compulsory coaching.
Officers reveal folks with disabilities are unhealthy and resort to power in location of de-escalation ways, leading to power and prison penalties for these with behavioral health disabilities, in location of finding them care, the Justice Division acknowledged.
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In a most up-to-date raid conducted by the police in Fremont, a home and storage unit had been searched in connection with a fatal overdose investigation. The operation resulted within the confiscation of a vital cache of unlawful substances and a complete of 11 firearms. Court docket recordsdata screen that the seized items included a quarter-pound of fentanyl-laced pills, seven kilos of MDMA, 2.2 kilos of cocaine, approximately 2,400 Xanax pills, 150 grams of ketamine, and 1.7 kilos of lowering agent. Additionally, smaller portions of methamphetamine, LSD, and various hallucinogens had been also came upon.
The predominant target of the investigation changed into once identified as 33-yr-weak Hanibal Ocampo, who is currently a suspect in a fatal fentanyl overdose case in Concord. Even supposing no prices savor been filed referring to the overdose incident, Ocampo has been charged in Alameda County with drug and gun possession, at the side of the price of being a felon in possession of a firearm. Three americans had been also charged, at the side of Ocampo’s female friend and two americans came upon in his kitchen making an strive to task approximately 24 kilos of marijuana into suitable for eating merchandise.
In step with legislation enforcement, both the draw and storage unit belonged to Ocampo. At some level of the home, authorities uncovered a room that had been remodeled into an unofficial drug “retailer,” complete with a menu, stocked shelves, and pricing data. At some level of the operation, an undisclosed amount of cash changed into once seized from the premises. Significantly, Ocampo’s female friend changed into once on federal probation on the time of the raid, and the two americans focused on processing marijuana tried to flee over a yard fence.
Among the many 11 firearms seized, one shotgun changed into once reported stolen, and one other pistol changed into once reported lacking. Additionally, a silencer changed into once confiscated, and it changed into once authorized that one of the vital weapons had been modified to meet the definition of an assault weapon and lacked a serial number, as per court docket recordsdata. The identity of the overdose victim has no longer been disclosed by authorities.
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