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Almost a week ago (December 7), Coinbase announced that it would explore the possible addition of 31 new cryptographic resources. As one of the main cryptographic exchanges, Coinbase plans to integrate additional digital resources into its exchange.
Ripple (XRP), is one of the digital currencies that Coinbase is considering. Currently, this cryptocurrency is the second most valuable digital asset based on market valuation. The XRP checks in at just over $ 12 billion.
So with a second evaluation only to Bitcoin, what is it that is keeping Coinbase from the XRP list? Especially when the exchange is willing to list the smaller market currencies and other ERC20 tokens?
Coinbase Approach
Coinbase's general manager and vice-president Dan Romera announced that the exchange would list 90% of compliant assets. This arises from the fact that these currencies meet certain expectations and qualities established by Coinbase.
Romera emphasized that Coinbase wants its users to view it as a traditional stock market. Their purpose is to provide as many options as possible. This will give users the opportunity to decide which digital currencies are right for them.
Coinbase has shown a change in its strategy which is the result of customer feedback. Users want new cryptocurrencies in the exchange, so Coinbase is doing everything possible to provide them. This does not mean that there will not be bumps on the road along the way.
When Coinbase announced its new priority, XRP investors questioned the exchange's commitment to providing the best digital currencies to their users. This concern has only gained momentum since Ripple overtook Ethereum as the second largest cryptocurrency in the world.
Pending Ripple Case
Many speculate that the prudent way in which Coinbase is considering XRP is largely due to a suspension Federal case against cryptocurrency. The case is between a group of investors and Ripple Labs, with investors claiming that the asset is a security.
The combined class action lawsuit against Ripple was recently presented to the US federal court. The case will be a huge step forward in determining the regulatory nature of Ripple.
If the SEC (Securities and Exchange Commission) of the United States decides that the XRP should be treated as a security and Ripple decides to challenge the decision, the case goes to the federal court. Therefore, the SEC of the United States has no choice but to play the game of waiting for the appropriate results.
Fundamentally, the SEC is in a position to wait for a judge or jury to believe that Ripple is a security.
Is Ripple a security?
It all comes down to whether or not XRP is a security. Unfortunately, everyone is in the same boat while we wait for a judge or jury to decide. So the decision may depend on whether Ripple will accept the outcome or not.
As a result, until the courts decide whether XRP is safe or not, most major cryptocurrency grants may not exploit the possibilities of implementing XRP. This is probably the case even if the exchange believes that money is not a security.
Image source: "Flickr"
