The recent lawsuit filed by Bit Global, the new maintainers of the WBTC protocol, and the largest U.S.-based crypto exchange Coinbase, originated a series of discussions between Justin Sun and Paul Grewal, the exchange’s chief legal officer.
On social media, Bit Global linked Justin Sun engaged Grewal on the statements that Coinbase CEO Brian Armstrong had issued on the standards the exchange followed to list assets on its platform.
Referring to these remarks that alleged Coinbase’s goal was to “list every asset where is legal to do so,” Sun told Grewal:
It seems that Coinbase’s CEO doesn’t agree with your perspective. Who has the final say at Coinbase?
At that time, Armstrong also stated that the exchange had no opinion on the value of each asset, proclaiming that Coinbase was “asset agnostic.” Grewal confronted Sun, assessing that, as Armstrong pointed out, maintaining an asset listed required safety and legality. “I look forward to your deposition under oath in California. No need to bring your banana,” he declared.
Read more: Justin Sun Buys Iconic Maurizio Cattelan Artwork ‘Comedian’ for $6.2 Million, Promises to Eat the Banana
Bit Global filed a $1 billion lawsuit against Coinbase, alleging that the delisting of WBTC after the announcement of Bit Global’s involvement with the protocol and the later inclusion of cbBTC, Coinbase’s own wrapped bitcoin project, constitutes an action that violates stated and federal antitrust laws.
In addition, Bit Global states that this measure undermines consumer choice and constitutes an action that seeks to monopolize the wrapped bitcoin market in favor of Coinbase, taking advantage of this delisting to affect WBTC’s standing in the broader cryptocurrency market.
Read more: Bit Global Files $1 Billion Lawsuit Against Coinbase Over WBTC Delisting
Finally, Mike Belshe, CEO of Bitgo, the current custodian and member of the WBTC DAO, also chimed in. “No need to wait for court. You could share them now, along with what standard WBTC did not meet,” he said, referring to Coinbase’s listing requirements.
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