Many members of the XRP community are excited about the recent meeting between Ripple and Coinbase’s chief legal officers. Here are the details…
Ripple and Coinbase officials held a meeting
In a tweet today, Coinbase Chief Legal Officer Paul Grewal thanked Ripple’s General Counsel Stuart Alderoty for hosting him. Noting that the duo should meet more often, Grewal added a photo of him possibly taken after the meeting with Alderoty. Responding to the tweet, Alderoty thanked Grewal for meeting with Ripple’s legal team.
Thanks @iampaulgrewal — really appreciate you taking the time to chat with Ripple's team legal at our offsite! https://t.co/FUqFl00IxA
— Stuart Alderoty (@s_alderoty) May 3, 2023
Pro-XRP lawyers, including CryptoLaw founder John Deaton and Australian-based lawyer Bill Morgan, reacted to the development. SEC v. Lawyer Deaton, who represents thousands of XRP holders as friends of the court (“amicus curiae”) in the Ripple case, said the photo shows two major general counsel leading the front line in the war. The CryptoLaw founder said he was “taking off his hat” as an homage to Grewal and Alderoty.
This development excited attorney John Deaton. Because he was saying in March that crypto companies facing SEC sanctions should share their opinions. The lawyer recommended that companies develop coordinated strategies to defend themselves against the commission. That’s why the latest development looked exciting for Deaton. It seems that Coinbase and Ripple heeded Deaton’s call and preferred to meet. Attorney Morgan also expressed his excitement about the meeting between Coinbase and Ripple’s Chief Legal Officers. Lawyer Morgan states that there is nothing better than teamwork against a common enemy.
Nothing better than teamwork against a common foe. Is Ripple filing an amicus brief in Coinbase’s petition for a writ of mandamus? https://t.co/bUzqYnS3gI
— bill morgan (@Belisarius2020) May 4, 2023
Who is the “common enemy” of Coinbase and Ripple?
It should be noted that the US Securities and Exchange Commission has targeted both Ripple and Coinbase. Both Ripple and Coinbase are currently having problems with the Securities and Exchange Commission (SEC). The SEC accused Ripple and its two executives of offering unregistered securities in 2020. This year, the securities regulator issued a Wells Notice to Coinbase in February.
cryptocoin.com As we have also reported, the Wells Notice is a formal notice from the SEC notifying the buyer that the commission plans to impose sanctions against them for possible violations of securities laws. Wanting to hear what was discussed at the meeting, Attorney Morgan asked if Ripple plans to submit an amicus curiae summary in Coinbase’s Mandamus Letter petition. Coinbase sued the SEC last month to force the regulator to impose a crypto-specific rule.
Will XRP re-enter Coinbase?
Meanwhile, some XRP enthusiasts took this opportunity to urge Coinbase to relist XRP. It is worth noting that Coinbase has delisted Ripple-related crypto XRP following the SEC’s lawsuit. It is unclear whether the controversial token will return to the largest American cryptocurrency exchange. “Relist XRP now,” said Jon Mann, an XRP community member. At the time of writing these lines, there is no information yet about what was discussed at the meeting. Companies may be exchanging ideas on how to defend themselves against negative sanctions from the SEC.
