Did Ripple Really Lose Trillions in Business to Coinbase Over the SEC Lawsuit?

The Ripple vs. SEC case has become one of the most talked‑about topics on social media. After months of delays and shifting deadlines, many users are wondering how this lawsuit will affect Ripple’s business.

Rumors have been flying on social media that Ripple’s ongoing battle with the U.S. Securities and Exchange Commission cost the company huge deals—some even claim JP Morgan shifted business to Coinbase, possibly costing Ripple “trillions” in revenue. But the story isn’t quite that simple. Unlike Ripple, Coinbase has not been hit with an injunction or an active lawsuit, so it’s free to continue operating without the same legal cloud hanging over it.

Some XRP supporters have pointed fingers at Judge Analisa Torres, calling her repeated deadline extensions “disgusting” and demanding a corruption probe. However, former SEC lawyer James Farrell pushed back on these claims. 

He explained that if Ripple truly lost business because it was legally enjoined, the company could have—and perhaps should have—noted that loss in its court filings. In fact, Ripple’s own filings argue that it needs “even footing” with other market players, a situation they say only exists for firms not enjoined by the court.

Farrell also reminded everyone that both the SEC’s appeal and Ripple’s cross-appeal are still active but put on hold. If the stay is lifted, Ripple’s next moves will be to respond to the SEC’s appeal and then make its own case on appeal. 

Until then, there’s no clear evidence that Ripple has bled “trillions” of dollars in business, even if side conversations online suggest otherwise. The real test will come when the court decides whether to lift the stay and resume full arguments on both sides.