Anvesh Reddy
Crypto Market News: The recent enforcement actions against crypto firms by the US Securities and Exchange Commission (SEC) reiterated the federal agency’s position on recognizing altcoins as Securities. Through its lawsuits and statements on various occasions, the SEC has so far called as many as nearly 50 cryptocurrencies as securities. Yet, the SEC’s lawsuit against Ripple still stands out as the most important as it is in the final stages and has the potential to impact other lawsuits. Meanwhile, the XRP holders are alleging that US based exchanges like Coinbase have bad motives behind not relisting XRP.
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While the Bitcoin price hovers around $31,000 mark, analysts expect the crypto Market to slow down a bit in the next two months before taking off in the last quarter of 2023. The XRP holders have again intensified the demand for having the token back on US exchanges, with the ‘RelistXRP’ hashtag trending on Twitter.
“Another Motive” Behind Not Relisting XRP?
Bill Morgan, a crypto enthusiast, said Coinbase had different motives behind not relisting XRP token, while continuing to allow trading of other assets the SEC recognized as Securities. He targeted Paul Grewal, the chief legal officer at Coinbase about the inconsistency in treating the crypto assets. Morgan said Coinbase had ‘another motive’.
“Coinbase continues the halt on XRP trading on its exchange while not pausing the trading of other coins and your own staking service the SEC calls a security and why you don’t explain the inconsistency. The only conclusion: another motive.”
In early 2021, several US based crypto exchanges delisted XRP after the SEC filed a complaint against Ripple in December 2020. Since then, many other cryptocurrencies were also deemed as securities by the SEC. Meanwhile, the Summary Judgement in the Ripple lawsuit is expected by the end of 2023, after which the exchanges could take a turnaround in listing decision.
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