Legal
The XRP community has reacted to the most recent move against Coinbase by the SEC.
In a breaking piece of news, the SEC charged Coinbase with operating its crypto asset trading platform as an unregistered national securities exchange, broker and clearing agency, and for failing to register the offer and sale of its crypto asset staking-as-a-service program.
#XRPCommunity #XRP @coinbase The SEC has sued Coinbase. https://t.co/UdGWVqG1hl
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) June 6, 2023
The news was received with a mix of displeasure and surprise by the XRP community. Crypto lawyer Bill Morgan feels Coinbase should not have delisted XRP.
In January 2021, shortly after the SEC filed its lawsuit against Ripple, Coinbase suspended XRP trading.
Morgan tweeted, “Coinbase delisted XRP for nothing. Sued by the SEC anyway.”
Some in the XRP community used this information to reach different conclusions as to the status of the Ripple-SEC lawsuit.
Yassin Mobarak, an XRP enthusiast, thinks that the SEC’s onslaught against the two biggest exchanges, Binance and Coinbase, might be due to its concerns about a precedent being set by the outcome of the Ripple lawsuit.
Another XRP community member, Ashley Prosper, believes that the “Ripple case has to have been settled.”
Ashley Prosper added, “Bringing the cases against Binance and Coinbase, two titans of the industry with enough resources to tie the SEC up in years of litigation, would be undermined if Judge Torres’s summary judgment ruling went against the SEC.”
Prosper, however, does not concur with the opinion that Ripple might have lost summary judgment, hence the lawsuits against Coinbase and Binance.
Referring back to earlier predictions of CryptoLaw founder John Deaton, Ashley Prosper says this was meant to happen regardless.
Prosper added, “If the SEC had already received the summary judgment opinion, and it was in their favor, It would have been cited in the complaints against the exchanges,” and in his opinion, the Ripple lawsuit was as good as over.
At the very start of the year, CryptoLaw founder John Deaton made some predictions for 2023, which included that an exchange (maybe more than one) would be sued for selling unregistered securities.
