In an unexpected turn of events, Paul Grewal, the Chief Legal Officer at Coinbase Global Inc., has addressed accusations of hostility towards Solana [SOL] within the crypto community.
Origins of the Issue
The controversy began when a user on X (formerly Twitter) questioned Coinbase with a tweet that read,
“@coinbase why do you dislike @solana??”
In response to these claims, Grewal unequivocally stated,
“What? I’ve dedicated significant @coinbase resources to support SOL against an @SECGov lawsuit falsely labeling it a security.”
He went on to say,
“Every day, my team and I are focused on combating this baseless accusation. We are committed to SOL, and we will keep pushing forward. If that’s considered hatred, then I gladly accept the title of a ‘hater.’”
His statement generated widespread discussion across the crypto space, with notable figures like Solana’s co-founders, Anatoly Yakovenko and Raj Gokal, weighing in.
Yakovenko expressed appreciation, stating,
“The Solana community is extremely fortunate to have Coinbase’s support.”
He also emphasized the exchange’s pivotal role in standing up for and bolstering the network amidst various challenges.
The Ongoing Saga
For those unfamiliar with the situation, the controversy stems from Coinbase’s efforts to amplify its backing of the Solana network following severe criticism from the community due to prolonged transaction delays.
Tensions escalated over the weekend with a surge in traffic, propelled by hype around memecoins like Official Trump [TRUMP] and Melania Meme [MELANIA], overwhelming the network.
American traders on Coinbase experienced significant delays and transaction complications on the Solana network.
In response, Coinbase CEO Brian Armstrong reassured users on X, stating that the issue causing “delays and cancellations of SOL transactions” had been “addressed,” advising affected clients to “attempt their transactions again.”
Despite the mounting complaints from customers, Armstrong viewed the unexpected spike in activity as a positive indicator of the ecosystem’s vitality.
Future Outlook for Solana
Meanwhile, Solana demonstrated resilience in the market, maintaining its price at $254.82—a 3.05% surge in the previous 24 hours, according to CoinMarketCap, signaling investor optimism amid the prevailing challenges.
This bullish trend was further reinforced by investor Fred Krueger, who forecasted,
“Solana is poised to surpass ETH.”