Coinbase CEO: Ripple Lawsuit “Better Than Expected”

October 28, 2021 at 07:04 AM GST 1 min read Exchange News

Brian Armstrong said that the Ripple lawsuit is going better than expected.
He added that the people whom the SEC are supposed to protect are the ones attacking them.
Prior to the lawsuit, Coinbase enabled users to trade XRP on its platform.

Coinbase CEO Brian Armstrong broke his silence regarding the ongoing lawsuit against Ripple. According to Armstrong, the Ripple lawsuit is going “better than expected”.

The Ripple case seems to be going better than expected. Meanwhile the SEC is realizing that attacking crypto is politically unpopular (because it harms consumers). https://t.co/ePLnbqNLwU

— Brian Armstrong (@brian_armstrong) October 26, 2021

The Coinbase chief also said that the lawsuit is “politically unpopular” since it hurts consumers. In a separate tweet, he said that the people whom the SEC is supposed to protect are the very ones “attacking them”.

The irony is that the people they are supposedly protecting are the ones attacking them.
— Brian Armstrong (@brian_armstrong) October 26, 2021

Meanwhile, people commented on the post, urging Armstrong to relist XRP, Ripple’s native cryptocurrency, on Coinbase. Prior to the lawsuit, Coinbase enabled users to trade XRP on its platform.

The US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple in late 2019. As per the lawsuit, Ripple held an unregistered securities offering of XRP. On the other hand, Ripple responded with evidences of inconsistent crypto regulation from the SEC.

In fact, one video surfaced in which William Hinman, previously the Director of Corporation Finance of SEC, stated that Ether is not a security. However, Ethereum godfather Vitalik Buterin led the token sale of ETH, similar to Ripple’s selling of XRP.

The Ripple lawsuit is still ongoing.

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