Brian Armstrong, the CEO of the Nasdaq-listed digital currency exchange Coinbase, reacted to the US Securities and Exchange Commission’s (SEC) enforcement action against Ripple Labs on Monday. Referring to a Forbes post headlined “The crypto uprising the SEC didn’t see coming,” he stated on Twitter:
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).
“The irony is that the people they are supposedly protecting are the ones attacking them,” the Coinbase CEO said.
In regards to the SEC, Ripple CEO Brad Garlinghouse has made a similar comment. “Instead of working with the industry, the SEC is using their meetings with companies as lead generation for their enforcement actions,” he added, referring to the authority’s refusal to create a clear framework for cryptocurrency.“These are the exact people the SEC is supposed to be protecting.” he said, adding that numerous XRP investors have launched a class-action complaint against the SEC.
Several Twitter users were taken aback when they saw Armstrong posting a nice message about Ripple. Many others saw his words as an optimistic indicator that the price of XRP would shortly rise.
Some speculate that XRP may be relisted on Coinbase shortly. One individual said, “Sounds like Brian Armstrong and Coinbase should be getting ready to relist XRP.” Some remain suspicious, claiming that Coinbase will not relist XRP until the dispute has been resolved. The SEC launched a lawsuit against Ripple Labs and its leaders, CEO Garlinghouse and co-creator Chris Larsen, in January, prompting Coinbase to delist XRP.
When it sought to create a loan program, the Nasdaq-listed business got into difficulty with the Securities and Exchange Commission. The SEC was consulted about the product, but the company was given warnings if it went forward with the release. As a result, Coinbase decided to put the project on hold.