Ripple, Coinbase Together Against US SEC? Ripple Legal Chief Drops Hint

XRP News: The U.S. Securities and Exchange Commission (SEC) flagged of warning of launching enforcement against the nation’s largest crypto exchange, Coinbase. The digital asset leaders are showing their support in the favor of Coinbase as the exchange hints at going to a battle against the US SEC.

Ripple To Help Out Coinbase?

Stuart Alderoty, Chief Legal Officer, the person who is leading Ripple Labs and Defendants in the long running legal tussle against the US SEC, hinted at showing support to Coinbase.

As the commission sent Wells Notice to the crypto exchange, Ripple Lawyer wrote that “Enemy of my enemy is my friend’. However, he didn’t stop here and went on to share Paul Grewal, Chief Legal Officer of Coinbase’s take over the US SEC issued warning.

Coinbase’s Chief Legal Officer in a long thread mentioned that they received a Wells Notice from the commission after years of seeking reasonable rules around crypto assets. The exchange is simply disappointed that the US SEC is considering courts and not looking to form a constructive dialogue. However, he assured that Coinbase will defend the rule of law. Read More XRP News Here…

Also Read: Coinbase (COIN) Price Tumbles After SEC Flags Potential Legal Probe

Grewal highlighted that over the last 9 months, US SEC and Coinbase had met more than 30 times. These meetings involved the crypto exchange’s path to registration. He claims that the commission hasn’t provided any feedback or policy over what to change or how to register.

Attorney John Deaton, Amicus Curie in the XRP lawsuit presented a scenario where Coinbase has “Fair Notice Defense 2.0” on its side. While Supreme Court Justice in Bittner vs U.S. discussed how a defendant must get a fair warning for their conduct. He added that the outrage may cause the commissioners not to get 3 votes, however, he assumes that it is 3-2 right now.

Also Read: Bitcoin Price and Crypto Market Tank Over SEC’s Action on Coinbase