The post Pro-XRP lawyer Explains What Will Happen to Coinbase if Ripple lost the Case Against the SEC appeared first on Coinpedia Fintech News
Attorney Jeremy Hogan, a lawyer who supports cryptocurrencies and works at Hogan & Hogan, took to Twitter to explain the potential consequences for Coinbase if it chooses to relist XRP before a ruling is made in the SEC vs. Ripple lawsuit.
Hogan highlighted that if Coinbase relists XRP and Ripple ends up losing the lawsuit against the SEC, it could put Coinbase in a disadvantaged position for its own ongoing legal battles.
He wrote, “Well, if Ripple were to lose, it’d put them on their backheel in their pending litigation. Any chance of a relisting prior to Ripple verdict went out the window with the SEC Wells notice IMO.”
Coinbase had previously removed XRP from its platform after the SEC filed a lawsuit against Ripple, accusing the company of breaching securities regulations through the sale of XRP. The legal case has been ongoing for over two years, and there is currently no set date for Judge Torres to deliver her verdict. However, the cryptocurrency market is currently awaiting verdict in the prolonged Ripple case.
Talking about the SEC’s reply to Coinbase petition, Hogan said, “The Coinbase writ was never about getting an answer to whether the SEC will fairly regulate crypto. That’s obviously a “no.” This was a Coinbase offensive against the SEC lawsuit against it coming this summer. And it got some interesting tidbits to use.”
Coinbase took legal action against the SEC on April 24 by filing a lawsuit, before issuing a response to the SEC’s Wells notice.
“As Coinbase’s own submissions make clear, considering the various paths it suggests is a necessarily complicated endeavor. Yet Coinbase filed its rulemaking petition fewer than ten months ago, supplemented aspects of the petition fewer than three months ago, and sought to supplement the record again only weeks ago,” the SEC stated.