Coinbase CEO Brian Armstrong says the SEC v. Ripple case “appears to be going higher than anticipated.” He added that the U.S. Securities and Alternate Fee “is realizing that attacking crypto is politically unpopular.”

Coinbase’s CEO on the Ripple Lawsuit, SEC Attacking Crypto

The CEO of the Nasdaq-listed cryptocurrency trade Coinbase, Brian Armstrong, commented on the enforcement motion in opposition to Ripple Labs by the U.S. Securities and Alternate Fee (SEC) Monday. Referencing a Forbes article titled “The crypto rebellion the SEC didn’t see coming,” he tweeted:

The Ripple case appears to be going higher than anticipated. In the meantime, the SEC is realizing that attacking crypto is politically unpopular (as a result of it harms shoppers).

“The irony is that the individuals they’re supposedly defending are those attacking them,” the Coinbase boss added.

Ripple CEO Brad Garlinghouse has made the same assertion relating to the SEC. Noting that the regulator is refusing to offer a transparent framework for crypto, he mentioned: “As an alternative of working with the trade, the SEC is utilizing their conferences with firms as lead era for his or her enforcement actions.” He added that many XRP holders have filed a class-action lawsuit in opposition to the SEC, emphasizing, “These are the precise individuals the SEC is meant to be defending.”

A number of individuals on Twitter expressed shock to see Armstrong tweeting a constructive remark about Ripple. Many took his assertion as a bullish signal that the value of XRP will quickly pump.

Some individuals suspect that Coinbase could also be relisting XRP quickly. “Feels like Brian Armstrong and Coinbase ought to be on the brink of relist XRP,” one individual tweeted. Nevertheless, some are nonetheless skeptical, arguing that Coinbase won’t relist XRP till the lawsuit is over. Coinbase delisted XRP in January, quickly after the SEC filed a lawsuit in opposition to Ripple Labs and its executives, CEO Garlinghouse and co-founder Chris Larsen.

The Nasdaq-listed firm itself just lately bumped into hassle with the securities watchdog when it tried to launch a lending program. The trade mentioned the product with the SEC however was threatened with authorized motion if it proceeded with the launch. This brought on Coinbase to shelve the product.

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