Coinbase CEO

Coinbase CEO supports Ripple and XRP during the SEC battle

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Coinbase CEO Brian Armstrong has shown support for Ripple in his fight against the SEC.

In a series of recent tweets, Armstrong wrote that the dispute between Ripple and the SEC seems to be going “better than expected”.

Coinbase CEO, one of the world’s biggest and most popular exchanges, stressed that launching attacks on the cryptocurrency industry and hurting investors is “politically unpopular.”

Brian Armstrong then channeled Ripple’s often repeated point of view regarding the SEC hurting consumers instead of protecting them:

“The irony is that the people they are supposedly protecting are the ones attacking them.”, Coinbase CEO added.

Rumors of the relisting of XRP come to life

Some of Armstrong’s tweets hinted about rumors that Coinbase could be relisting XRP on its platform.

The cryptocurrency exchange had to suspend XRP trading in the past after the SEC filed a lawsuit against Ripple on January 19, which triggered a massive drop in its price.

Rumors of a relisting on Coinbase started circulating on social networks after the XRP trading pairs began appearing last month in its mobile application. Still, it turned out to be an error.

Despite its legal problems, XRP has remained resilient. A well-known cryptocurrency analyst, Mike Novogratz, recently noted that the cryptocurrency has tripled in value since the SEC filed the complaint.

Coinbase CEO – confrontation with the SEC

Ripple began teaming up with Coinbase after Armstrong publicly blamed the SEC for threatening to sue the exchange for its unreleased lending offerings.

Even though the company gave in to the SEC’s requirements and delayed the product in question, it does not appear to have successfully met all of the SEC requirements just yet. The exchange will have to convince Congress that they should pass legislation to establish a different regulatory process than the one it currently provides. It’s evident that Coinbase is in a fight with the SEC itself, so today’s news should come as no surprise to anyone familiar with those incidents.

It’s a smart move for Coinbase to begin supporting Ripple’s ongoing battle with the SEC – as both XRP and Coinbase can team up and, hopefully, come to a conclusion that will satisfy all parties involved as quickly as possible.

Earlier this month, Coinbase proposed a very wild idea: replacing the agency with a newer, modern, cryptocurrency-focused regulator, arguing that the laws of the 1930s were not appropriate for the “technological revolution” that we are experiencing now. Although this is unlikely to happen, it’s undoubtedly an idea that sounds good – having a different regulator for the cryptocurrency markets.

Until more news come to the surface regarding the ongoing battle between SEC and the crypto world, we’ll probably have to wait and see what’s going on. The good thing to take from this is that exchanges and cryptocurrencies are now partnering up to get better regulatory laws.

Whaletank Team

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