The news of San Francisco-based exchange Coinbase filing a lawsuit against the Securities and Exchange Commission (SEC) has triggered excitement in the XRP community. The action was taken with the purpose of pressuring the regulatory agency to respond positively to the rulemaking petition Coinbase filed with the SEC last July. The petition requested the SEC to draft and approve regulatory guidance for the crypto industry and Coinbase is looking to receive a clear answer from the regulator.

The enforcement has been widely embraced by members of the crypto industry, particularly XRP enthusiasts. They have celebrated the move by taking to Twitter to show their support, including attorney Jeremy Hogan, a partner of Hogan & Hogan, who mentioned that this offensive action aims to respond to any potential lawsuit from the Securities and Exchange Commission. It is speculated that this response is an answer to the Wells Notice the SEC sent to Coinbase last month.

Besides the support, there have also been some voices that have asked the members of the XRP community not to positively recognize Coinbase for suing the SEC. CryptoBull, a pseudonymous XRP analyst, expressed his opinion about this action via a tweet, considering Coinbase's decision to de-list XRP and not back Ripple at the beginning of the SEC Vs. Ripple lawsuit. Nonetheless, attorney Hogan regards the situation in a differential way, believing that many XRP promoters no longer see Coinbase as hostile.

Ultimately, it is yet to be seen how this situation evolves and what the outcome will be, while the XRP community awaits Coinbase’s further actions.



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