John Deaton Explains Why XRP Holders Need to Form Alliance With Coinbase Despite Delisting XRP

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.

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”

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.

Follow us on Twitter, Facebook, Telegram, and Google News

Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.