SEC’s recent sanctions on the cryptocurrency market highlight the US regulator’s continued view of many altcoins as securities. Ripple‘s XRP, having taken a heavy blow from this classification, is one of the most discussed altcoins. Despite SEC’s classification of many more altcoins as securities, their continued trading on exchanges without delisting has led to a new threshold in the relisting campaigns initiated by XRP investors on social media.
Is There Another Reason Behind XRP Not Being Relisted?
While the price of Bitcoin, the largest cryptocurrency, fluctuates around $31,000 and many major altcoins make headlines with double and even triple-digit increases, XRP continues to be under pressure after taking a heavy blow from the SEC’s security classification. XRP investors have started to exert pressure for the altcoin to be relisted on US-based Coinbase, trending the “RelistXRP” hashtag on Twitter.
SEC has so far classified about 50 altcoins as securities through various lawsuits and announcements. However, the case against Ripple and the classification of XRP as a security still stands out as the most important due to its potential impact on other cases. The reason why Coinbase, a giant US-based cryptocurrency exchange that delisted XRP after SEC’s security classification, does not want to relist the popular altcoin continues to be a topic of debate.
Famous crypto enthusiast Bill Morgan alleged there’s a different reason behind Coinbase’s refusal to relist XRP, despite allowing the trade of other altcoins classified as securities by the SEC. Morgan accused Coinbase’s chief legal officer, Paul Grewal, of inconsistency in his approach to altcoins, stating: “Coinbase continues not to allow XRP trading, yet does not stop trading of other altcoins and its own staking service, classified as securities by the SEC. Why don’t you explain this inconsistency? The only conclusion to draw is that there’s another reason for XRP not to be relisted.”
Double Standards from Coinbase
As known, Coinbase delisted XRP at the beginning of 2021 following the SEC’s lawsuit against Ripple and two of its top executives, and the classification of XRP as a security in December 2020.
Since then, many altcoins like XRP have been classified as securities by the SEC. Many altcoins, classified as securities by the SEC, are still being bought and sold on Coinbase, and this double standard is drawing the reaction of XRP investors.
