JAKARTA - Ripple and Coinbase, two giants in the crypto industry, recently met to discuss legal issues in this rapidly growing industry. The meeting was attended by Stuart Alderoty of Ripple and Paul Grewal, Chief Legal Officer of Coinbase.
Alderoty expressed his appreciation for the time given by Grewal to meet with Ripple's legal team, while Grewal tweeted his gratitude for the invitation and proposed a further meeting in the future.
Currently, both Ripple and Coinbase are dealing with legal challenges from the US Securities and Exchange Commission (SEC). Ripple was charged with selling XRP tokens without registering security in December 2020. Meanwhile, Coinbase recently received a notification letter from the SEC.
Grewal stressed in a blog post that Coinbase has never registered security and sought a clear regulatory framework from the SEC in order to do so in the future. Although it does not want to deal with litigation against the SEC, Coinbase will defend itself and enforce legal rules for all parties.
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Coinbase has removed XRP, Ripple-related cryptocurrency, after the SEC lawsuit. It is unclear whether this controversial token will return to the largest crypto exchange in the United States.
These two companies have raised great concerns from the crypto community and raised questions about the regulatory framework governing digital assets. This shows that the importance of the crypto industry is to clarify the right regulations so that the industry can grow well in the future.
However, SEC's involvement in regulating crypto assets remains an unsolved issue, as there is still a lot of confusion among industry players about how to comply with regulations and obtain legal certainty.
Crypto companies such as Ripple and Coinbase accepting legal challenges from the SEC will be benchmarks for legal policies taken by governments and regulators going forward.
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