Many XRP community members have been reacting to the recent meeting between the chief legal officers of Ripple and Coinbase.
In a tweet today, Coinbase Chief Legal Officer Paul Grewal thanked Ripple’s General Counsel Stuart Alderoty for hosting him. Grewal, who noted that the duo needed to meet more often, attached a photo of him and Alderoty, probably taken after the meeting.
Reacting to the tweet, Alderoty thanked Grewal for coming over and chatting with Ripple’s legal team at the company’s offsite.
Thanks @iampaulgrewal — really appreciate you taking the time to chat with Ripple's team legal at our offsite! https://t.co/FUqFl00IxA
— Stuart Alderoty (@s_alderoty) May 3, 2023
Pro-XRP Lawyers React
Pro-XRP lawyers, including CryptoLaw founder John Deaton and Australian-based lawyer Bill Morgan, have reacted to the development.
Attorney Deaton, who represents thousands of XRP holders as a friend of the court (amicus curiae) in the SEC v. Ripple lawsuit, said the picture shows two great General Counsels leading the front line in battle. The founder of CryptoLaw said he “tipped his cap” as a show of respect to Grewal and Alderoty.
The development seemed exciting for Deaton, who recommended in March that crypto companies facing enforcement actions from the SEC need to share ideas and develop coordinated strategies to defend themselves against the commission.
Apparently, Coinbase and Ripple paid attention to Deaton’s call and chose to meet.
Attorney Morgan also reacted to the meeting between Coinbase and Ripple’s Chief Legal Officers. Attorney Morgan states that nothing is better than teamwork against a common foe.
It bears mentioning that the United States Securities and Exchange Commission has targeted both Ripple and Coinbase. While the SEC had already charged Ripple and two of its execs with offering unregistered securities back in 2020, the securities regulator issued a Wells Notice to Coinbase in February.
For context, a Wells Notice is a formal notice from the SEC informing the recipient that the commission plans to take enforcement action against them due to possible violation of securities laws.
In a bid to know what was discussed at the meeting, Attorney Morgan asked whether Ripple plans to file an amicus curiae brief in Coinbase’s petition for a Writ of Mandamus.
Nothing better than teamwork against a common foe. Is Ripple filing an amicus brief in Coinbase’s petition for a writ of mandamus? https://t.co/bUzqYnS3gI
— bill morgan (@Belisarius2020) May 4, 2023
Recall that Coinbase sued the SEC last month to force the regulator to respond to a petition for a rulemaking specific to cryptocurrency.
XRP Enthusiasts Ask Coinbase to Relist XRP
Meanwhile, some XRP enthusiasts used the opportunity to call on Coinbase to relist XRP.
“[…] Now relist XRP,” said Jon Mann, an XRP community member.
Another XRP enthusiast asserted that Ripple could only help Coinbase defeat the SEC when the San Francisco-based exchange relists XRP.
Coinbase should relist #XRP if they want #Ripple to help them beat the SEC ?
— XRPcryptowolf (@XRPcryptowolf) May 3, 2023
At the time of writing this line, there is still no information about what was discussed in the meeting. The companies could be sharing ideas on how to defend themselves against the SEC’s adverse enforcement actions.
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.
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