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Coinbase, the dominant cryptographic exchange in the United States that was once known only to offer Bitcoin, Litecoin and Ethereum, has been the subject of a series of frills.
After listing the classic of Ethereum, Steller, Cardano, Basic Attention Token, Zcash and 0x at the beginning of the year, the company has announced that it wants to "explore" whether or not to add 30 extra tokens in its exchange .
Among the over 30 tokens scanned is none other than XRP, the token that many in the cryptographic space have suspected Coinbase or that have been bent for months for unknown reasons.
Almost every announcement of a new token to be added to Coinbase would create an uproar among members of the XRP community who believe their favorite currency is wrongly omitted.
There are several reasons why Coinbase may be reluctant to list XRP. For most of 2018, Ripple has been involved in a collective legal action filed by investors who believe they have sold unrecorded securities when buying XRPs. They argue that this has led to significant financial losses and also accuse Ripple of manipulating the markets. The plaintiffs are seeking a $ 5 million deal.
The case has now been brought to the Federal Court, with Ripple arguing that XRP is not a security and that the company and the cryptocurrency are separate entities. Ripple lawyers believe that moving the case to the federal court will give them an advantage because the federal court has been known to favor corporate defendants.
Regardless of how the case arises, it is unlikely that such a high profile case was ignored by Coinbase, which would make sense to be the main reason why they were reluctant to list XRP.
US regulation first
Unlike Binance, Kucoin or other major exchanges, Coinbase aims to position itself as one of the most compliant exchanges. This is probably because it is the only way they can tap into the base of American institutional investors, and we hope one day to launch their Bitcoin ETF. The premature insertion of a token that is currently involved in a legal case that could determine whether it is indeed an unregistered security would be too risky for Coinbase and its users. The fact that XRP is now the second largest cryptocurrency by market capitalization only increases the risk.
"Judicial proceedings could take years.", He says CZ – Binance CEO, "But if XRP is considered as a security, it will severely damage many US users and, to a certain extent, other users around the world, certainly not a security, but this is only a person's opinion. "
Therefore, it is likely that we will see many other smaller and less significant tokens placed on Coinbase before the XRP is approved, if it ever does.
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