The Nasdaq-listed crypto company Coinbase seeking to get regulatory approval to help Ripple Labs against the US Securities regulatory body.
Coinbase is a popular crypto exchange, which is publicly listed on the Nasdaq exchange and is known to provide crypto trading, custody & wallet services for customers from all countries. In terms of 24 hours crypto trade volume on its platform, it is standing at 2nd rank.
On 31 October, the chief legal officer of Coinbase exchange, Paul Grewal, informed the crypto community about the latest step taken by the Coinbase exchange.
Grewal confirmed that the company applied to get regulatory approval to file an amicus brief in the Ripple Vs SEC fight.
Further, the Coinbase officer said that the constitution doesn’t allow any government agency to violate laws in absence of any fair fact or in any necessary situation.
“One of the fundamental due process protections guaranteed by our Constitution is that government agencies cannot condemn conduct as a violation of law without providing fair notice that the conduct is illegal,” Grewal said.
In short, Coinbase will try to challenge the unfairly strict action taken by the US Securities and Exchange Commission (SEC) against the Ripple company.
Ripple vs SEC
In December 2020, The US SEC agency filed a lawsuit against the San Francisco-based Fintech firm Ripple. Through the lawsuit, the SEC agency claimed that XRP, a native token of Ripple, is security but the company failed to register with the agency.
In the present time, the Ripple vs SEC fight has been going on in the courts for 2 years but still, the SEC failed to prove that XRP is a security.