Coinbase CEO and Co-Founder Brian Armstrong said that the Ripple vs. SEC lawsuit is “going better than expected.”
Coinbase supports Ripple’s side by stating that an attack on the cryptocurrency market could be politically unpopular for the government. Despite SEC’s claim to protect investors, the government’s attack on cryptocurrencies speaks to the contrary.
Instead of siding with the government, the XRP community advocates for Coinbase to relist XRP among the other cryptocurrencies.
Armstrong expressed his support of the Ripple vs. SEC lawsuit on a Twitter post that says, “the Ripple case seems to be going better than expected. Meanwhile, the SEC is realizing that attacking crypto is politically unpopular.”
According to Armstrong, the manuscript of the case brought an unexpected backlash from the cryptocurrency industry.
Ripple managed to turn the tables against the SEC throughout the case by pointing out the confusing regulations announced by financial watchdogs.
Furthermore, XRP investors and traders wanted to sue the government for damages brought about by the lawsuit. According to Garlinghouse, the SEC managed to bring ETC higher as the second-largest cryptocurrency in the industry.
Although District Judge Analisa Torres denied this motion, she granted six people an amici curiae.
As amici curiae, the movants received the opportunity to express their opinions about the case. These subsequent events resulted in Judge Analisa Torres doubting SEC’s supposed goal to protect crypto investors despite going against the cryptocurrency market.
As Armstrong expressed Coinbase’s support for Ripple, XRP investors advocated for relisting XRP in Coinbase as a way of supporting the ecosystem.