Coinbase executive appreciates Ripple’s defense in the XRP lawsuit
Paul Grewal appreciated the job done by the Ripple defense team in the Ripple vs SEC legal fight.
Ripple is a San Francisco headquartered fintech company. This company provides global payment solutions with the help of XRP tokens. Ripple labs is the engineering team behind the XRP token & XRP ledger (XRPL) network. Since Dec 2020, Ripple & the United States Securities and Exchange Commission (SEC) are in a legal fight over the nature of the XRP token & Ripple’s business. On behalf of the Ripple vs SEC fight, Coinbase, a Nasdaq-listed publicly trading crypto company, delisted the XRP token on 19 Jan 2021.
Recently Paul Grewal, the Chief Legal Officer of Coinbase exchange, appeared in an interview with Tony Edward — host of the Thinking Crypto YouTube channel.
Grewal said that in the XRP lawsuit, Ripple’s defense team did its job perfectly against the SEC’s rude ruling, and Coinbase team was also satisfied with the Ripple team’s efforts, which was the reason why Coinbase filed an amicus brief in favour of Ripple in the ongoing suit.
Further, on the question of the XRP relist decision, Grewal said that Coinbase is a public company & this company must comply with rules & regulations perfectly but confirmed that future court rulings will be an important factor to relist XRP tokens on the Coinbase exchange.
“A lot is going to depend on the particulars of how that court rules. I know that’s not going to be satisfying to some, but we do a responsibility as a publicly listed company to tread carefully,” Grewal said.
On the SEC ruling, Grewal said that the SEC agency has no evidence or reason to prove that the XRP token is a security but Ripple maintained the nature of the XRP token perfectly with the help of an amicus brief, which explains how XRP is similar to Bitcoin, Ethereum like cryptocurrencies.
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