The top legal minds at Ripple and Coinbase recently connected at an offsite meeting to discuss matters in the rapidly evolving crypto space. Ripple's Stuart Alderoty expressed his appreciation for Paul Grewal, Coinbase's Chief Legal Officer, taking the time to meet with the Ripple legal team. In response, Grewal tweeted his gratitude for the invitation and suggested more frequent meetings in the future.
Both Ripple and Coinbase are currently navigating legal challenges with the U.S. Securities and Exchange Commission (SEC).
Ripple was slapped with a lawsuit in December 2020, in which the formidable regulator alleged that the company had conducted an unregistered securities offering by selling XRP tokens.
The ongoing legal battle has drawn significant attention from the cryptocurrency community and raised questions about the regulatory framework surrounding digital assets.Coinbase, on the other hand, was recently served with a Wells notice from the SEC. Last week, Grewal shared a blog post detailing Coinbase's response to the notice.
In the post, he emphasized that Coinbase has not listed securities and seeks a clear regulatory framework from the SEC to do so in the future. He also stated that while Coinbase does not relish litigation against the SEC, it will defend itself and uphold the rule of law for everyone.
It is worth noting that Coinbase delisted XRP, the cryptocurrency associated with Ripple, following the SEC's lawsuit. It is unclear whether the controversial token will return to the largest American cryptocurrency exchange.