According to Ben Armstrong, Ripple and XRP could welcome a new ally in the legal tussle with the US Securities and Exchange Commission.
Ben Armstrong, widely known as “BitBoy,” has asserted that Ripple and XRP could be getting a new key ally in the ongoing legal tussle with the US Securities and Exchange Commission (SEC). According to BitBoy, this major potential ally is Coinbase, America’s largest exchange.
XRP MAJOR New Ally! (PEPE Hits ANOTHER All Time High!) https://t.co/ZIEvYTu43d
— Ben Armstrong (@Bitboy_Crypto) May 4, 2023
As previously reported by The Crypto Basic, Paul Grewal and Stuart Alderoty, the Chief Legal Officers of Ripple and Coinbase, respectively, recently disclosed that they had a meeting. Though the specifics of the discussions held in the meeting remain unknown, both attorneys were delighted to have met, with Grewal noting that they need to meet more often.
Moreover, Alderoty, expressing his gratitude, disclosed that Grewal spent some time conversing with Ripple’s legal team. This indicates that the meeting was not a mere personal encounter between both attorneys but a professional one that involved Coinbase and Ripple.
With limited information on the discussions held, conjectures of an alliance have risen within the XRP community. BitBoy believes Coinbase could serve as a key ally for Ripple should such an alliance materialize.
In his latest tweet, Deaton said that in the current hostile crypto environment in the US, to survive, it is vital to make “the enemy of my enemy my friend.”
Many #XRPHolders don’t view @coinbase as a friend. I get it. I understand why. But not being a friend is not the same as being an enemy. And sometimes, out a sheer need for survival, the enemy of my enemy becomes my friend.
I hear a picture can be worth over a thousand #XRP. https://t.co/wUPv3DshzJ pic.twitter.com/0ztYBg8iKZ
— John E Deaton (@JohnEDeaton1) May 4, 2023
Reasons Behind the Speculations
Notable personalities such as US Congress candidate January Walker and attorney John Deaton have repeatedly urged the crypto community to join forces and fight back against the perceived regulatory overreach from the US SEC. Deaton was especially pleased by the recent meeting between Alderoty and Grewal.
Recall that Coinbase filed a lawsuit against the SEC last week, mandating the agency to provide regulatory clarity for the crypto industry. The move, which elicited excitement within the XRP community and the broader crypto scene, came a few weeks after Coinbase received a Wells Notice from the SEC in March.
Notably, shortly after Coinbase confirmed the receipt of the Wells Notice, Stuart Alderoty hinted at the appeal of an alliance between both companies. “The enemy of my enemy is my friend,” the attorney remarked a day after the American exchange disclosed the Wells Notice development.
Moreover, a week after that, Grewal disclosed on Twitter that he believes attorney Deaton is right about what constitutes an investment contract, as previously reported by The Crypto Basic. This indicates that Coinbase agrees with Ripple’s defense against the SEC. Recall that the exchange filed an amicus brief supporting Ripple last November.
These events, in addition to the recent meeting between Grewal and Alderoty, have triggered the circulating speculations of an alliance. Most proponents believe such an alliance would be equally beneficial for both entities, as Coinbase has also received its fair share of legal run-ins with the SEC.
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