Coinbase Files Support Of Ripple Labs In XRP Lawsuit

It seems that Coinbase decided to take action in XRP Lawsuit. Check out the latest reports about what the exchange did below.

Coinbase is filing an amicus brief in support of Ripple Labs amid the San Francisco payment company’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). As you know by now, the lawsuit has been going on for a while now.

As the online publication the Daily Hodl notes, the top US crypto exchange requested permission to file the brief in late October, and on Monday, U.S. District Judge Analisa Torres ruled that Coinbase and all other parties that had requested permission to file briefs could do so as long as they submitted them by November 18th.

Some have been filed in support of Ripple, others will be in favor of the SEC.

Coinbase stated the following:

“By suing sellers of XRP tokens after making public statements signaling that those transactions were lawful, the SEC has lost sight of this bedrock principle.”

Coinbase continued and said:

“For years after Bitcoin, Ether, and XRP were launched, the SEC watched as multi-billion dollar trading markets for these cryptocurrencies developed without stating that it viewed any of these assets as ‘securities’ subject to the onerous restrictions that come with that classification…”

Coinbase has been in the news a lot lately, and this also happened in relation to the troubled FTX exchange.

Skybridge Capital CEO Anthony Scaramucci says he expects other crypto exchange leaders will step up to fill the void left by the collapse of the troubled FTX.

In a new interview at the Bloomberg New Economy Forum in Singapore, Scaramucci says that while FTX founder Sam Bankman-Fried was once driving the conversation on potential crypto regulation, there have been other leaders who will now take over the discussion.

He named Coinbase CEO Brian Armstrong and Binance chief Changpeng Zhao (CZ) as likely candidates to do the right job.