June 21 (Cointime) - Ripple CTO David Schwartz has commented on the recent ruling in the Coinbase vs. SEC lawsuit, which saw Third Circuit Judge Cheryl Ann Krause order the SEC to update the court on their progress towards getting a staff recommendation by October 11, 2023.

Schwartz called the decision a victory for Coinbase and the crypto industry, despite expressing disappointment that the court allowed the SEC four months to provide an update.

He also noted that the ruling suggests other Federal Judges may share the frustration of crypto enthusiasts with the SEC. The SEC's crackdown on the crypto industry has left many frustrated, with Coinbase's lawsuit reflecting the industry's desire for regulatory clarity.