Ripple’s Chief Legal Officer Comments on SEC and Coinbase Legal Battle

Ripple's chief legal officer, Stuart Alderoty, has expressed that Coinbase's legal battle with the US Securities and Exchange Commission (SEC) is far from over. Alderoty mentioned that the court gave the regulator 'the benefit of doubt' at an early stage, affirming the slow pace of justice. Despite the recent setback, Coinbase remains determined to fight, aiming to gain more information about the SEC's stance on cryptocurrency regulation during the discovery phase. The ruling by the U.S. District Court Judge Katherine Polk Failla was seen as a 'great win for self-custodial wallets' by Coinbase CEO Brian Armstrong, who downplayed the SEC's claims. However, the setback has impacted Coinbase's stock, which is down nearly 4% as a result. Meanwhile, Ripple, despite a previous partial victory against the SEC, is now facing significant penalties and fines amounting to $2 billion. Thus, both Ripple and Coinbase are set to navigate challenging legal battles in the face of regulatory scrutiny.