Coinbase has filed its support of XRP against the SEC. This could be a landmark shift in the XRP-SEC lawsuit. Coinbase is a major tech stock player in the cryptocurrency industry, and this support could play a crucial role in the result of the case. Coinbase is likely to be closely affiliated with the US government as crypto adoption continues to rise. Governments, like Britain’s now, are slowly starting to institutionalize blockchain-based technology. As Coinbase is the largest US company to operate in the cryptocurrency sphere, providing accessibility to crypto through multiple avenues, they are an ideal colleague for the American government to work with to help regulate and institutionalize the technology.
A victorious XRP, by far the more likely outcome, would mean that the SEC would have wrongly pursued legal action against Ripple Labs. Not only would this cast a huge amount of shade over the SEC as an institution, but would give a huge amount of credibility to the adoption and acceptance of cryptocurrencies.
Many XRP HODLers have been put through a torrid time over the last few years, with XRP not making a new all-time high in this bull market. Topping out at $1.98 in April 2021, XRP still had another 70% to climb to reach its previous cycle high of $3.30.
Many who held XRP through each cycle will feel extremely unfulfilled, and part of the blame can certainly be pinned on the SEC. The SEC likely attempted to make an example out of Ripple, assuming that they could easily win and that a win for the SEC would serve as an example to other projects.
The underlying claim by the SEC was that Ripple sold $1.3 billion worth of the Ripple token, XRP, to fund the company. The issue was that the XRP token was an unregistered security.
What impact does the lawsuit have on the wider market?
A victorious XRP would send a bullish shockwave through the cryptocurrency market. Crypto will have beaten a governmental agency and the government could, depending on circumstantial evidence, be exposed to have attempted to quell a cryptocurrency of its growth.
Cryptocurrencies like Big Eyes Coin, a startup meme token, would certainly benefit from such a conclusion to the trial. Big Eyes was inspired by the saturation of meme tokens with dogs. The token developers believe that a cat-inspired meme coin is lacking at the top of the rankings and Big Eyes looks prime to take one of these highly contested spots in the bull market.
Big Eyes has raised $9 million already to fund the development of the project, and with the recent news of Elon Musk taking over Twitter, this shows no signs of slowing down. The possibility of Dogecoin being installed as a payment method for Twitter revenue streams has sent the meme coin market into a frenzy, and Big Eyes could certainly ride this narrative.
As the sole cat-inspired meme coin, Big Eyes has a huge market potential. With no current rivals, Big Eyes could potentially become the patent system for any cat charities or businesses that hinge on the feline.
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