Supporters of XRP jubilate as Coinbase sues the Securities and Exchange Commission.
The news of San Francisco-based exchange Coinbase suing the Securities and Exchange Commission (SEC) has sparked widespread jubilation in the XRP community.
For context, Coinbase filed a lawsuit against the SEC in the US Circuit Court yesterday. The suit follows a petition for a rulemaking that the leading cryptocurrency exchange filed with the SEC last July, requesting that the regulator draft and approve regulatory guidance for the crypto industry.
Coinbase intends to compel the securities regulatory agency to respond yes or no to a set of question via the lawsuit. Coinbase’s Chief Legal Officer Paul Grewal shared the development.
Today, we filed a narrow action in the U.S. Circuit Court to compel the SEC to respond “yes or no” to a rulemaking petition we filed with them last July asking them to provide regulatory guidance for the crypto industry. 1/4 https://t.co/rlsS1DIFfl
— paulgrewal.eth (@iampaulgrewal) April 25, 2023
XRP Supporters Celebrate
Consequently, the development has been applauded by members of the crypto community, especially XRP fans. Enthusiasts of the sixth-largest cryptocurrency by market cap have taken to Twitter to celebrate the development, backing Coinbase’s decision to mount pressure on the SEC via the lawsuit.
Attorney Jeremy Hogan, a partner of Hogan & Hogan, joined other members of the XRP community to applaud the San Francisco-based exchange. In a tweet today, the pro-XRP lawyer, while reacting to Coinbase’s lawsuit against the SEC, said, “The best form of defense is a good offense.”
According to attorney Hogan, the move suggests that Coinbase was not ready to sit back and wait for an inevitable lawsuit from the Securities and Exchange Commission. Apparently, Hogan was referring to the Wells Notice the SEC sent to Coinbase last month.
Aside from attorney Hogan, other members of the XRP community also applauded the San Francisco-based exchange for suing the SEC.
Well played!🎯😎 https://t.co/LNyiFespO1
— Digital PerspectivesPermaBull (@DigPerspectives) April 25, 2023
Excellent news!!!!! Bravo! pic.twitter.com/bC3Kei4cIx
— CryptoMamaXRP (@mom3mzt) April 25, 2023
CryptoBull Asks XRP Supporters Not to Celebrate “Co**rds”
Meanwhile, some XRP fans think there is no need to celebrate Coinbase for filing a lawsuit against the Securities and Exchange Commission. In a tweet today, CryptoBull, a pseudonymous XRP analyst, asked supporters of the sixth-largest cryptocurrency not to celebrate Coinbase for suing the SEC.
The popular influencer called the San Francisco-based exchange a coward for de-listing XRP and not supporting Ripple at the initial stage of its legal battle against the SEC.
However, attorney Hogan does not share CryptoBull’s sentiment, as he believes that many XRP supporters no longer consider Coinbase an enemy.
The enemy of my enemy is …not as much an enemy anymore?
— Jeremy Hogan (@attorneyjeremy1) April 25, 2023
Follow Us on Twitter and Facebook.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.