In its never-ending soap opera pitting it against the tireless end boss SEC, Ripple (XRP) returns blow for blow. A strategy that lately seems to be starting to bear fruit. Latest twist to date, Ripple has just received the surprise support of an astonishing ally with the giant Coinbasewhich perhaps feels that the tide could be turning for the 6th capitalization of the crypto market.
The Ripple Saga
Of course, the sky continues to be heavy with threats above Ripple Labswith in the role of the storm which thunders the Security Exchange Commission (DRY). Indeed, the US stock market policeman has clearly made the XRP cryptocurrency his favorite lightning rod over the past two years, to a point that could sometimes be described as relentless.
It will be recalled for the few latecomers that the substance of the conflict concerns the official classification of the XRP token (security Where commodities ?), of this nomenclature resulting from important tax and administrative consequences in particular. A sensitive subject that “affects the entire crypto industry” as we like to remind – quite rightly – Brad Garlinghousethe boss of Ripple.
However, in what can be described as trench warfare, Ripple has been scoring decisive points lately, so much so that the situation is even becoming uncomfortable for the SEC itself. Indeed, the venerable institution now finds itself forced by a court decision to open its files to the lawyers of Ripple Labs and to assume the old words of some of its members, undermining its current position on this sensitive file.
New blow today for the US stock market policeman, Coinbase throws itself into the fray.
Comeback for Coinbase
The information is reported in particular by our colleagues from CoinTelegraphwho themselves echo a post on Twitter by Paul Grewalchief legal officer of coinbase.
The latter indicates that the platform has decided to join the procedure opposing Ripple to the SEC, in the form of a amicus brief. An amicus brief is in some ways friendly advice or assistance that a party not directly concerned decides to provide to a court to clarify its decisions. Yes, that is the legally convoluted way of saying “lobbying”.
Of course, Coinbase is resolutely on the side of Ripple in this matter and joins in passing other entities such as Investor Choice Advocates Network or the mobile app SpendTheBits.
From easy and isolated prey, Ripple is gradually transforming into a leader of circumstances, a pretext for a united crypto fund in the face of an American regulator who is still struggling to correctly identify this new threat. Will 2023 be a release year for Ripple? We will soon find out.