The $200M spent by Ripple in the SEC lawsuit and the release of Hinman’s emails are helping Coinbase to defend itself.
Wendy O, the host of The O Show, has taken to Twitter to explain how the $200 million spent by Ripple in the SEC lawsuit is now helping Coinbase defend itself against the Commission.
SEC Vs. Coinbase Lawsuit
Recall that the SEC charged Coinbase earlier this month, accusing the exchange that it facilitates the trading of unregistered securities.
The regulatory agency also accused Coinbase of not registering its crypto trading platform as a securities exchange. In response, Coinbase filed a 117-page document this week, asking the court to dismiss the lawsuit.
Coinbase Uses Information from Ripple Lawsuit
Interestingly, Coinbase used vital information and experience from the Ripple case to defend itself, as seen in the recently-filed response. Notably, the San Francisco-based cryptocurrency exchange referenced Hinman’s emails, a document that stemmed from the Ripple lawsuit.
For context, Hinman’s emails relate to internal deliberations at the SEC leading to the drafting of the infamous 2018 speech by former director of SEC’s Corporation Finance William Hinman.
It is worth noting that the SEC surrendered Hinman’s emails to Ripple after 18 months of intense legal battle. Getting the document was never an easy task for Ripple. The blockchain company succeeded in forcing the SEC to surrender the document after arranging a team of sound legal experts.
In a CNBC interview, Ripple CEO Brad Garlinghouse revealed that the blockchain company will have spent $200 million by the time its legal tussle against the SEC is over.
Ripple Spending $200M Now Helping Coinbase
Meanwhile, Coinbase efficiently using information from the Ripple case, especially Hinman’s emails, has stirred reactions from the crypto community.
Commenting on the development, Wendy O said Hinman’s emails are relevant, adding:
“The more information the courts have, the better chance retail has against the SEC predatory practices.”
Furthermore, Wendy O thanked Ripple for spending $200 million and obtaining relevant information from the SEC to help Americans, including Coinbase, fight the regulatory agency’s gross overreach.
The HINMAN emails always mattered
The more information the courts have the better chance retail has against the SEC predatory practices
Thank you to Ripple for spending $200M+ to help Americans fight https://t.co/YKGf9t5dtR
— Wendy O (@CryptoWendyO) June 29, 2023
Notably, pro-XRP lawyer Jeremy Hogan also reacted to Coinbase using information from the Ripple case in its response to the SEC.
“What jumped out to me is how Coinbase uses information/experience from the Ripple case (See the Hinman email reference below) and also throws in new stuff (the Major Questions Doctrine). Very Nicey.”
Coinbase filed its 177 page (!) response to the SEC lawsuit.
What jumped out to me is how Coinbase uses information/experience from the Ripple case (See the Hinman email reference below) and also throws in new stuff (the Major Questions Doctrine).
Very Nicey. https://t.co/TYOm3SH6eb pic.twitter.com/y9Vz4Sm2D5
— Jeremy Hogan (@attorneyjeremy1) June 29, 2023
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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