Coinbase sees crypto winter 'thawing' after Ripple’s partial legal victory

by RT Watson

Companies • July 14, 2023, 10:09AM EDT

Published 1 minute earlier on

The Block

Quick Take

Coinbase’s chief legal officer Paul Grewal said the crypto industry is ready to put legal troubles behind it and focus on innovation.

Coinbase Chief Legal Officer Paul Grewal thinks crypto winter might be starting to thaw.

“We’re seeing green shoots,” Grewal told CNBC in a televised interview, commenting on a partial legal victory for Ripple Labs in a long-running dispute with the Securities and Exchange Commission that sent its native XRP soaring.

“People are eager to return to focusing on innovation and new ideas, new technologies rather than hearing from lawyers like me and judges in court cases,” Grewal said.

Shortly after the ruling on Thursday, Coinbase, along with Crypto.com and Kraken Pro, reopened trading for XRP which at one point jumped by more than 80% amid massive trading volume.

"Yesterday's ruling on XRP is a big win for the crypto industry," Coinbase said in a tweet on Friday.

About Author

RT Watson is a senior reporter at The Block who covers a wide array of topics including U.S.-based companies, blockchain gaming and NFTs. Formerly covered entertainment at The Wall Street Journal, where he wrote about Disney, Netflix, Warner Bros. and the creator economy while focusing primarily on technological disruption across media. Previous to that he covered corporate, economic and political news in Brazil while at Bloomberg. RT has interviewed a diverse cast of characters including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers and convicted criminals. Holds a master's degree in Digital Sociology.