The post Crypto News Today: Pro-XRP lawyer Says Coinbase will Not Relist XRP appeared first on Coinpedia Fintech News
The recent meeting between the Chief Legal Officers of Coinbase and Ripple has resulted in speculation of XRP being listed on the Coinbase cryptocurrency exchange.
However, Bill Morgan, a pro-XRP lawyer, explained why this is unlikely to happen because Ripple itself recently decided not to use XRP in its own liquidity hub service. He questions why Ripple would expect Coinbase to relist XRP when Ripple itself has decided not to use it in its own services.
“No a Coinbase XRP listing will not follow. Why would Ripple expect Coinbase to relist XRP when in the last few weeks Ripple decided not to use XRP in Ripple’s own liquidity hub service,” he wrote on Twitter.
During a recent interview, Paul Grewal, the legal chief of Coinbase, discussed the possibility of relisting XRP on the exchange. When asked about the potential impact of a District Court decision that secondary market sales of XRP are not securities, Grewal stated that Coinbase continuously evaluates and reevaluates the tokens it lists. He also noted that the nature of XRP is still subject to litigation even two years after the matter was first brought up.
Morgan explained the reason behind the meeting and wrote, “The meeting was more likely about how Ripple could assist Coinbase in either its petition for a writ of mandamus &/or its defense to an SEC enforcement action. Coinbase’s different treatment of XRP (halting secondary market sales on its exchange), than any other digital asset traded on its exchange, that the SEC has alleged in its lawsuits are securities, will continue.”
He also clarified that he is not criticizing Ripple’s decision to not use XRP on their liquidity hub service as he believed it made commercial sense. Secondly, Morgan expresses criticism towards the idea that Ripple would be meeting with Coinbase to convince them to resume XRP trading on their exchange, given Ripple’s recent decision regarding XRP usage.
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