JAKARTA - XRP is one of the oldest and most popular cryptocurrencies in the world. However, since the SEC sued Ripple Labs, the company behind XRP, in December 2020 for allegedly selling illegal securities worth USD 1.3 billion (equivalent to IDR 19.4 trillion).
Additionally, many US crypto exchanges have removed or suspended XRP trading from their platforms. This caused huge losses for XRP traders and investors, who felt they were treated unfairly by the SEC and exchanges.
One of the US crypto exchanges that halted trading or delisted XRP was Coinbase, which is one of the largest and most influential exchanges in the world.
Coinbase announced its decision on December 28, 2020 and began enforcing the ban on January 19, 2021. This decision came as a surprise to many, as Coinbase is known as a supporter of digital assets and blockchain innovation.
However, recently Coinbase itself became a target of the SEC due to its plans to launch a product called Coinbase Lend, which allows users to lend their crypto assets and earn interest. The SEC has threatened to file lawsuits against Coinbase if they go ahead with the plan, arguing that the product involves offering securities without registration.
Coinbase disputes the SEC accusations and says their product does not include securities. They also criticized the SEC for not providing legal clarity and guidelines for the US crypto industry. Coinbase even published their counter letter to the SEC on their corporate blog on September 8, 2021.
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Meanwhile, Amicus Curiae attorney John Deaton, who represented more than 76,000 XRP token holders in the Ripple case against the SEC, said that a court decision can be expected within two months of the final ruling.
However, he said that the decision in the case which was highly awaited in the crypto market could take longer than that time. Final decision of Judge Analisa Torres in the Ripple vs SEC trial on March 6, 2023. In that decision, the judge rejected the SEC's motion to exclude testimony.
Coinbase's Chief Legal Officer, Paul Grewal, agrees with Deaton's view that "digital assets or crypto are not securities". In response to this, the XRP community asked why Coinbase didn't re-list XRP, as reported by Coingape.
Given this conflict between Coinbase and the SEC, many XRP enthusiasts hope that Coinbase will sympathize with the plight of Ripple and XRP and will re-list the asset on their platform.
Crypto asset investors are demanding that XRP be re-listed on Coinbase even though the SEC case against Ripple is still ongoing. They argue that XRP is also not a security and that the SEC has no legal basis to accuse Ripple of being an illegal seller of securities.
However, to date, Coinbase has not given any indication as to whether they will consider reincorporating XRP in their asset register. They also haven't provided any official comment on the latest developments in the Ripple vs SEC case.
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