In a recent tweet, prominent XRP advocate, John Deaton, urged XRP holders to form an alliance with Coinbase in light of the recent news that the legal officers of both XRP and Coinbase met to discuss their legal battle against the United States Securities and Exchange Commission (SEC).
XRP Investors Still Angry at Coinbase
Recall that Coinbase had delisted XRP from its trading platform over a lawsuit between the US Security Exchange Commission and XRP. The US crypto trading platform revealed that its decision to delist XRP from its trading platform was due to SEC’s action against XRP.
However, despite calls from Ripple investors and other crypto enthusiasts, Coinbase has refused to list Ripple back to its trading platform. This development has prompted Ripple investors to see Coinbase as an enemy.
The Ripple investors were however furious in the wake of the meeting between Ripple’s legal team and Coinbase’s legal officers.
Many crypto enthusiasts believe Coinbase wants Ripple’s help over SEC’s recent enforcement action. Recall that The US Security Exchange Commission served a Wells Notice to Coinbase during the first quarter of 2023, a move that many believe is an indication that SEC is planning a legal battle with Coinbase.
Meanwhile, some Ripple investors have asked the management of the 6th largest cryptocurrency not to help Coinbase.
Read Also: Attorney John Deaton Explains Why Ripple Will Want to Settle with SEC if it Wins XRP Lawsuit
Deaton’s Response
Awake of the new development, Deaton who is an advocate for XRP says he is aware of why XRP investors are seeing Coinbase as their enemy.
The advocate made a point about not being friends with someone and being the person’s enemy.
Deaton explained that for you to survive, “the enemy of my enemy becomes my friend”
Many #XRPHolders don’t view @coinbase as a friend. I get it. I understand why. But not being a friend is not the same as being an enemy. And sometimes, out a sheer need for survival, the enemy of my enemy becomes my friend.
I hear a picture can be worth over a thousand #XRP. https://t.co/wUPv3DshzJ pic.twitter.com/0ztYBg8iKZ
— John E Deaton (@JohnEDeaton1) May 4, 2023
Deaton argued that while a regulatory policy is good for the crypto market, SEC Chairman Gary Gensler’s opinion that cryptocurrencies should be regulated as securities poses significant economic and legal consequences.
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