Saturday, January 16, 2021

SEC sue against Coinbase Ripple for suspending express trading – Coindesk

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Coinbase says it will suspend the US Securities and Exchange Commission’s XRP, cryptocurrency The lawsuit was filed last week It is claimed Really a protection.

Coinbase First listed XRP writes, XRP in February 2019 on its retail face-to-face platforms. From now on, XRP trading “will only go to the limit,” Coinbase wrote. It will be completely suspended, January, 19, 2021, 1 p.m.

“We will continue to monitor legal developments related to XRP and keep our customers updated as we receive more information,” Paul Grewal, Coinbase’s chief legal officer, wrote in Blog post Shared in advance with Coindesk.

Coinbase says users’ XRP wallets will be available for “acceptance and withdrawal after trading suspension”.

Significantly, the exchange said it would still have a support Upcoming airdrop Spark tokens to XRP holders. XRP will still support Coinbase Custody and self-preserving Coinbase Wallet.

Coinbase declined to comment outside of his written statement.

Its price XRP in Coinbase Tanked from 0. 0.28 to 24 0.24 in the first 20 minutes of the announcement. XRP prices have fallen by more than 50% since the SEC’s lawsuit was announced last week

For Coinbase, the reason for excluding XRP as a trade asset was simple: as a company Trying to go public, Being a platform for any potential security means simply adding more paperwork so that it allows retail customers to buy and sell a single cryptocurrency.

SEC Claim last week That XRP A protection, And that ripple process has raised $ 1.3 billion and has been selling without registration or discounts for seven years. The legal battle is starting on its own, and fighting the lawsuit in the Ripple Court could take years, as it has indicated.

Coinbase can now act as a bailout for the largest exchanges and other platforms to perform at XMP. Friday, Bitstamp has announced It will close XRP trades and deposits for all U.S. customers on January 8th.

Similarly San Francisco-based Okecoin announced Monday’s XRP suspension, effectively January 4th.

Exchanges that list XRPs without registering as securities exchanges with the SEC face potential consequences down the line, including potential enforcement activities. However, if Ripple wins in his defense, Coinbase will probably be able to re-list XRP fairly easily.

Alex Krueger, a trader and analyst, said: “Crypto exchanges are registered with the SEC (as a preference, as a burden on a much higher burden and increased costs) and it is in their best interest not to trade securities. It’s not for their customers, it’s for their protection. “

Attorneys for Gabriel Shapiro, Belcher, Smollen and Van Lu LLP, last week told Koindesk whether the exchanges should be canceled. A complex oneWith both business and legal considerations.

Update (December 28, 23:35 UTC): XRP adds a price response.

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