The Ripple community hopes Coinbase will be able to list XRP on the crypto exchange again, especially after the SEC ruled on the record that secondary market sales do not equate to securities/securities transactions.
Ripple: community wants to see XRP crypto listed again on Coinbase
Attorney John E. Deaton and the legal team of LBRY, a Blockchain-based content sharing and publishing platform, have had a huge success against the U.S. Securities and Exchange Commission (or SEC) affecting the entire crypto industry.
And, in fact, it appears that the SEC has officially confirmed that crypto sales on the secondary market, such as exchanges, do not constitute securities transactions.
In this regard, tempers have been raised in the Ripple community and it is believed that Coinbase should now list XRP again. Initiating that mood was LBRY himself with a tweet of his own:
Coinbase should relist $XRP.
Under the SEC vs LBRY standard, $XRP sold by secondary holders is not a security.
— LBRY 🚀 (@LBRYcom) February 1, 2023
“Coinbase should re-list $XRP. According to the SEC vs LBRY standard, $XRP sold by secondary holders is not a security.”
Another Ripple follower, who describes himself as a “patient” person to see the resolution of the never-ending Ripple vs. SEC case, tweeted the following instead:
Coinbase shareholders deserve #XRP to be traded again. Let’s go @coinbase make a stand! 🕶️ pic.twitter.com/X595X19Rek
— Mr. B XRP (@XrpMr) February 2, 2023
“Coinbase shareholders deserve #XRP to be traded again. Let’s go @coinbase to take a stand!”
Ripple: what will Coinbase choose to do with crypto XRP?
Specifically, the case that saw victory for the crypto industry involved Deaton (also Ripple’s lawyer) as amicus of technology journalist Naomi Brockwell at the remedies hearing in LBRY v. SEC.
This means that Ripple (XRP) vs. SEC, the never-ending lawsuit that is still awaiting verdict, is not yet being discussed. Therefore, Coinbase may continue with its choice to keep the asset away from its crypto-exchange. In fact, going back in time, Coinbase was never forced to delist XRP.
The decision had been its choice on not wanting to take on any risk of a class action, given that precisely XRP is still under litigation, the longest ever in crypto, against the SEC.
Presumably, while the Ripple community is already going wild on Twitter, Coinbase may instead choose to wait for the final ruling in the case, which could come in the first quarter of 2023.
Deaton: SEC win is overstated
Recently, Deaton reportedly reiterated how the SEC is in error in the case against Ripple (XRP), and that in general its winning of the case is highly overstated.
In fact, the legal expert again clarified that XRP does not meet the requirements of the Howey test and is therefore not a security.
Specifically, Deaton pointed to the 3,000 affidavits showing that early purchasers of XRP were unaware of Ripple. This means that users would have disclosed to the court that they were buying it for non-investment reasons, receiving benefits from XRP, independent of Ripple.
Not only that, Deaton still commented on the testimony of the expert brought by the SEC against Ripple, who allegedly described the entire XRP community as a “joint venture,” according to the provisions of the Howey test.
Something Deaton calls unfounded, as the expert himself would not have interviewed any XRP holders and therefore his statements in this regard should not be considered.
Finally, the blockchain company’s lawyer raised hopes high for a Ripple victory, without assuming that the SEC is absolutely right.