Coinbase’s Chief Legal Officer, Paul Grewal, expressed his gratitude towards Ripple’s General Counsel, Stuart Alderoty, on Twitter for hosting him. Grewal mentioned that they needed to meet more frequently and shared a picture of him and Alderoty, which was possibly taken after their meeting. In response,
Alderoty thanked Grewal for visiting Ripple’s legal team during their offsite and having a conversation with them.
Pro-XRP Lawyers Responds
Lawyers who support XRP, such as John Deaton who is the founder of CryptoLaw, and Bill Morgan who is based in Australia, have responded to this news.
John Deaton, an attorney representing numerous XRP holders as an amicus curiae in the SEC v. Ripple case, commented on the photo and stated that it depicts two excellent General Counsels leading the charge in the legal battle.
Deaton, who is the founder of CryptoLaw, expressed his respect towards both Grewal and Alderoty by tipping his cap.
This news appeared to be very exciting for John Deaton, who had previously suggested in March that cryptocurrency companies that are facing enforcement actions from the SEC should collaborate and develop cohesive strategies to protect themselves from the commission.
Coinbase and Ripple apparently took notice of John Deaton’s suggestion and decided to meet. Lawyer Bill Morgan also commented on the meeting between the Chief Legal Officers of Coinbase and Ripple, stating that there is nothing more effective than working together as a team to combat a shared adversary.
Related article: XRP Analyst Predicts $27 Target Price: Factors and Obstacles Explored
It is important to note that the United States Securities and Exchange Commission has targeted both Ripple and Coinbase. The SEC had previously charged Ripple and two of its executives for allegedly offering unregistered securities in 2020. In February of this year, the securities regulator also issued a Wells Notice to Coinbase.
To provide some context, a Wells Notice is an official notification from the SEC that informs the recipient that the commission intends to pursue legal action against them for potential violations of securities laws.
Bill Morgan was interested in finding out the details of the meeting. He inquired about whether Ripple intends to file an amicus curiae brief in Coinbase’s petition for a Writ of Mandamus.
Last month, Coinbase filed a lawsuit against the SEC to compel the regulator to respond to a petition seeking specific cryptocurrency-related rulemaking.
XRP Supporters Ask Coinbase to Relist XRP
Meanwhile, some XRP supporters took advantage of this opportunity to urge Coinbase to reinstate XRP to its trading platform.
Another supporter of XRP claimed that Ripple would only be able to assist Coinbase in defeating the SEC if Coinbase reinstates XRP to its trading platform.
As of now, no information has been disclosed about the details of the meeting between Coinbase and Ripple’s legal teams. It is possible that the two companies were discussing strategies to protect themselves from the SEC’s enforcement actions.