The CEO of Coinbase says the SEC vs. Ripple case is ‘going better than expected.’
The SEC v. Ripple case, according to Coinbase CEO Brian Armstrong, “seems to be going better than expected.” He added that the U.S Securities and Exchange Commission “is realizing that attacking crypto is politically unpopular.”
Brian Armstrong, the CEO of the Nasdaq-listed cryptocurrency exchange Coinbase, commented on the Securities and Exchange Commission’s (SEC) enforcement action against Ripple Labs on Monday. He tweeted: “The crypto uprising the SEC didn’t see coming,” referring to a Forbes article titled “The crypto uprising the SEC didn’t see coming.”
The Ripple case seems to be going better than expected. Meanwhile, the SEC is realizing that attacking crypto is politically unpopular (because it harms consumers).
In relation to the SEC, Ripple CEO Brad Garlinghouse has made a similar statement. Noting the regulator’s refusal to provide a clear framework for cryptocurrency, he stated, “Instead of working with the industry, the SEC is using their meetings with companies as lead generation for their enforcement actions.” He went on to say that many XRP holders have filed a class-action lawsuit against the SEC, emphasizing that “these are the very people the SEC is supposed to be protecting.”
Several Twitter users expressed surprise when they saw Armstrong tweeting a positive comment about Ripple. Many interpreted his statement as a bullish sign that the price of XRP will soon skyrocket.
Some speculate that Coinbase will relist XRP soon. “Sounds like Brian Armstrong and Coinbase are getting ready to relist XRP,” one Twitter user speculated. Some remain skeptical, claiming that Coinbase will not relist XRP until the lawsuit is resolved. Coinbase delisted XRP in January, shortly after the Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs and its executives, CEO Garlinghouse and co-founder Chris Larsen.
The Nasdaq-listed company recently ran into trouble with the Securities and Exchange Commission when it attempted to launch a lending program. The exchange discussed the product with the SEC, but it was threatened with legal action if the launch went ahead. As a result, Coinbase decided to discontinue the product.