In a twist of events, XRP holders are voicing their concerns over the delay in the relisting of the XRP token on prominent US-based exchanges, particularly Coinbase. The allegations stem from the recent enforcement actions by the US Securities and Exchange Commission (SEC) against crypto firms, where the regulatory agency reiterated its stance on categorizing certain altcoins as securities.
With nearly 50 cryptocurrencies already labeled as securities, the ongoing lawsuit between the SEC and Ripple holds significant implications. As the crypto market experiences a temporary slowdown, XRP holders have intensified their demand for the relisting of the token, garnering attention on social media platforms.
SEC Lawsuit Against Ripple Raises Questions
The SEC’s lawsuit against Ripple has garnered significant attention within the crypto community. While the SEC has designated multiple cryptocurrencies as securities, the Ripple case stands out due to its advanced stage and potential implications for similar lawsuits. XRP holders believe that the delay in relisting XRP on exchanges like Coinbase may be attributed to motives beyond regulatory compliance. The lawsuit’s outcome could set a precedent for the treatment of other cryptocurrencies, highlighting the urgency for XRP’s relisting.
Alleged Motives Behind Coinbase’s Relisting Delay
A prominent crypto enthusiast, Bill Morgan, recently voiced his concerns about Coinbase’s handling of XRP. He questioned why the exchange continued to allow the trading of assets recognized as securities by the SEC while keeping XRP on hold. Morgan specifically targeted Paul Grewal, Coinbase’s chief legal officer, pointing out the inconsistency in the treatment of various crypto assets. The XRP holders suspect that Coinbase may have undisclosed motives behind its reluctance to relist the token, leading them to draw their own conclusions.
Coinbase’s actions have prompted speculation about potential ulterior motives. In early 2021, several US-based exchanges, including Coinbase, delisted XRP following the SEC’s complaint against Ripple. Since then, additional cryptocurrencies have faced similar classifications by the SEC. As the Ripple lawsuit progresses toward a Summary Judgment expected by the end of 2023, the exchanges could reconsider their listing decisions. However, XRP holders are left wondering why Coinbase has not yet taken the step to relist XRP while permitting the trading of other assets deemed as securities.
The Growing Demand for XRP Relisting
As the crypto market experiences a temporary slowdown, XRP holders have mobilized on social media platforms, igniting the ‘RelistXRP’ hashtag on Twitter. Their collective demand for the relisting of XRP reflects their frustration with the prolonged absence of the token from prominent US exchanges. XRP holders argue that the delay impedes their ability to participate fully in the cryptocurrency market and may hinder potential growth opportunities.
With analysts predicting a market slowdown in the next two months, followed by a potential surge in the last quarter of 2023, the timing of XRP’s relisting becomes increasingly critical. As the Ripple lawsuit nears its conclusion, the crypto community eagerly awaits the verdict’s potential impact on the relisting decisions of major exchanges.
Conclusion
The delay in relisting XRP on prominent US exchanges has prompted XRP holders to question the motives behind Coinbase’s decision. While the SEC’s ongoing lawsuit against Ripple raises concerns about the treatment of other cryptocurrencies, XRP holders argue that Coinbase’s inconsistency in relisting the token compared to other assets recognized as securities warrants further scrutiny. As the crypto market braces for a period of temporary slowdown, XRP holders intensify their demand for the relisting of the token, highlighting the urgency for exchanges to address their concerns.
