Coinbase "considering its options" on the Ripple/SEC lawsuit
XRP, the controversial cryptocurrency linked to Ripple, a company in the crosshairs with the U.S. Securities and Exchange Commission (SEC) for raising more than $1.3 billion in an unregistered token sale, is fighting for its life. And Coinbase, arguably the largest cryptocurrency exchange in the U.S., is holding discussions on the possibility of delisting the cryptocurrency.
Ripple, alongside its two core executives - CEO Brad Garlinghouse and Chairman Chris Larsen have a case to answer against the securities regulator. While there is still a long road ahead in the case between Ripple and the SEC, the XRP token has to remain listed on exchanges for it to be tradable.
As some exchanges line up to suspend XRP trading, it is the action taken by some of the biggest platforms that could have the biggest impact.
Coinbase in Ripple/SEC discussions
Cinneamhaim Ventures partner Adam Cochran, who is also an Adjunct Professor and investor, dropped the bombshell on Twitter, suggesting that the delisting could happen as soon as Friday.It’s not clear which direction the exchange will take, but Cochran thinks that “two potential plans are forming, one which puts the delisting on Friday. Unclear which Coinbase products it will impact but most likely Coinbase and Pro.”
Sources suggesting that Coinbase has already had discussions with counsel about the delisting of $XRP.
It seems two potential plans are forming, one which puts the delisting on Friday. Unclear which Coinbase products it will impact but most likely Coinbase and Pro.
— Adam Cochran (@AdamScochran) December 23, 2020
Coinbase listed XRP on Coinbase Pro in February last year. Some analysts think that exchanges will eventually delist the digital asset from their platforms.
You know who is at risk if XRP is considered a security? EVERY EXCHANGE THAT LISTS XRP. pic.twitter.com/Vin0ZpTsWl
— Hailey Lennon (@HaileyLennonBTC) December 22, 2020
Financial analyst Frances Coppola, who has previously criticized Ripple and its token, thinks that “this is the beginning of the end.
“Investors are already dumping XRP and quickly as possible,” said Coppola.
Cryptocurrency fund manager Bitwise Asset Management announced that it had liquidated its XRP position in the Bitwise 10 Crypto Index Fund.
“The Bitwise 10 Crypto Index Fund does not invest in assets that reasonably likely to be deemed securities under federal or state securities laws. Bitwise’s decision to liquidate its position in XRP was based on consideration of new public information from the SEC’s complaint.”
XRP made up about 3.8% of the fund prior to the sale of the digital asset. The proceeds from the sale have been allocated to other assets in the portfolio.
Ripple, mainly through Garlinghouse, has maintained its innocence on the basis that XRP is a currency. Garlinghouse launched an attack on Bitcoin and Ethereum, alienating himself from major crypto influencers at such a time.
Ripple’s price has fallen sharply in the wake of the lawsuit.
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