Emily Walker
Coinbase’s Chief Legal Officer, Paul Grewal, has rejected accusations that the cryptocurrency exchange holds a negative stance towards Solana. He stated that Coinbase has invested millions to support the blockchain network.
Grewal responded to claims on X (formerly Twitter) that suggested Coinbase was unfriendly to Solana.
Coinbase’s Stance Against SEC Claims
The exchange has been actively opposing the SEC’s controversial stance of classifying Solana as a security.
“Every day, our team focuses on how to counter this unjust attack,” said Grewal.
He assured that they were completely committed to this battle, reinforcing their belief in SOL.
Withdrawal Issues Spark Debate
Delays in Solana network withdrawals and deposits on Coinbase have ignited discussions in the crypto world. While the exchange attributes these problems to infrastructure challenges, skeptics believe it demonstrates a preference for Ethereum over Solana.
In response to these concerns, Coinbase protocol expert Andrew Allen clarified that the exchange does not harbor animosity towards Solana. He promised further updates next week to alleviate these issues.
Diverse Opinions from Crypto Influencers
Allen reiterated that Coinbase aims to enhance its relationship with Solana and plans to share more details in the coming week.
Nonetheless, not everyone shared the same sentiment. Supporters of XRP criticized Coinbase largely due to its delisting following a SEC lawsuit initiated in 2020. Additionally, Justin Sun, founder of the TRON Network, expressed his concerns about the exchange.
Criticism of Coinbase is justifiable due to recent issues, such as slow withdrawals in Solana and numerous locked accounts, leading to frustrating customer service.
— Zeneca
(@Zeneca) January 25, 2025
Expert Opinions on Coinbase’s Impact
Zeneca, founder of Zen Academy, acknowledged that Coinbase faces operational challenges, including slow withdrawals and subpar customer support. Despite this, he believes Coinbase plays an essential role in defending the interests of the crypto sector.
He emphasized that the exchange remains a leading force in advocating for cryptocurrencies and has historically defended the industry against regulatory pressures from the US government.
I’ve invested millions from @coinbase to defend SOL against a lawsuit falsely labeling it as a security. My team and I wake up daily with the goal of overcoming this erroneous attack. We believe in SOL and won’t back down.
— paulgrewal.eth (@iampaulgrewal) January 25, 2025
This controversy surfaces during a period of notable growth for Solana, with reports indicating it has captured an additional $2.5 billion USDC amid a surge in meme culture.
Add to that, applications on Solana have shown impressive results, achieving over 73% of the daily earnings from crypto apps. While current operational challenges may impede growth, these positive metrics indicate a strong foundation for the ecosystem, aligning with Coinbase’s support for the network.
Featured image from Fortune, chart from TradingView