Lawyer and crypto enthusiast Bill Morgan has criticized Coinbase for what he perceives as hypocritical behavior by the exchange in relation to its treatment of Ripple’s native token, XRP. This criticism comes in response to a recent series of tweets by Paul Grewal, the Chief Legal Officer of Coinbase, in which he challenges the SEC’s interpretation of investment contracts and asserts that the agency’s claims to authority over all digital assets, except for Bitcoin, are unfounded and violate the requirement for enforceable rights between enterprises and purchasers.
Bill Morgan, in his response, questions why Coinbase has not resumed trading of XRP on its platform while other digital assets deemed securities by the SEC continue to be actively traded on the exchange. He seeks an explanation for this inconsistency in Coinbase’s actions and suggests that there may be another motive behind their decision to halt XRP trading.
Morgan emphasizes that if Coinbase has done nothing unlawful, they should relist XRP. He raises the point that if the exchange allows trading of other digital assets declared securities by the SEC, it should either delist all of them or relist XRP. He argues that this hypocrisy cannot continue in the interest of the firm’s shareholders.
While calling out Coinbase’s behavior, Morgan does agree with Grewal’s opinion about the astonishing behavior of the SEC. Grewal’s tweets imply that Congress may intervene in the situation, as it has the authority to make new laws and is actively doing so.
Related Post
It is clear that Morgan believes there is an inconsistency in Coinbase’s actions regarding XRP and other digital assets. By pointing out this alleged hypocrisy, Morgan aims to bring attention to the potential ulterior motives behind Coinbase’s decision to halt XRP trading. He believes that if Coinbase truly believes it has done nothing wrong, it should resume trading of XRP, just as it allows for the trading of other digital assets deemed securities by the SEC.
In expanding this content to 700 words, it is important to provide more context and analysis regarding the legal and regulatory framework surrounding XRP and Coinbase. This includes discussing the ongoing legal battle between Ripple and the SEC and the impact it has had on the cryptocurrency market. Additionally, further exploration of the potential motives behind Coinbase’s actions and the potential consequences for the exchange may provide a more comprehensive understanding of the situation.
