Now supporting the fintech in the US Securities and Exchange Commission (SEC) case against Ripple is cryptocurrency exchange Coinbase (NASDAQ:COIN).
The bitcoin exchange submitted an amicus curiae request on Monday, which, if granted, will let it contribute its knowledge to Ripple throughout the trial. Paul Grewal, the chief legal officer of Coinbase, said:
“One of the most important procedural safeguards enshrined in the Constitution is that governmental authorities cannot condemn behavior as a violation of law without first adequately indicating that such behavior is unlawful. The SEC lost view this fundamental principle by suing the seller of XRP tokens after signaling in public statements that these transactions were legal”.
Earlier today, @coinbase asked Judge Torres for permission to file an amicus brief in the SEC case over XRP. Our point in pretty simple: this is a textbook case of just how critical fair notice is any reasonable notice of due process under law. 1/3 pic.twitter.com/qhSSGrNgJK
— paulgrewal.eth (@iampaulgrewal) October 31, 2022
Thus, the number of people who now formally support Ripple keeps growing, strengthening the company’s stance against the regulatory authorities.
Stefan Thomas, the CEO of Coil, said that his business is developing a peer-to-peer micropayment network that would utilize XRP to settle transactions.
Thomas began working with Ripple in 2012, and in 2013 he was appointed CTO. He joined the Ripple-supported Coil monetization platform in 2018.
There are plans to combine Bitcoin and Ethereum for processing payments in the long run.