Pro-XRP lawyer John Deaton said Coinbase or Ripple would not list the crypto asset until they get more regulatory clarity in the U.S.
In a May 5 Twitter thread, Deaton explained that the Court’s decision would heavily influence these crypto firms’ decisions.
Community Backs Ripple
He noted that the XRP holders’ amicus brief had shown the level of public interest the case generated.
Deaton added:
“Our amicus brief informed the Judge 75K XRP holders from the US and 143 countries around the world joined to object to the SEC’s alleged protection. We submitted over 3,500 affidavits from investors, users, and developers.”
Ripple, Coinbase Lawyers Meet
Deaton’s comments come in light of speculation that Coinbase could relist XRP soon after a meeting between both firm lawyers. On May 3, Coinbase Chief legal officer Paul Grewal tweeted about meeting Ripple General Counsel Stuart Alderoty, adding that they should meet more often.
Several community members suggested that the meeting meant Coinbase would relist XRP soon. In 2020, the U.S.-based exchange delisted the crypto asset following the SEC’s lawsuit.
Since then, Coinbase has been embroiled in several legal tussles with the financial regulator over its policing of the crypto industry. The firm filed legal actions against the Commission and issued a firm response to a Wells Notice it received.
Australian lawyer Bill Morgan also suggested that the meeting between the firms’ lawyers might be because they have a common enemy in the U.S. SEC. According to him, Coinbase might seek Ripple’s assistance with its tussle against the regulator.
Morgan added that Ripple could not expect Coinbase to relist XRP when Ripple is not using the token in its liquidity hub.
Meanwhile, Ripple CEO Brad Garlinghouse appreciated the XRP community for their strong support of the company since its case began with the SEC.
XRP Price Performance
While the Court has yet to issue a judgment on the legal tussle between the SEC and Ripple, XRP has been soldiering. The cryptocurrency has experienced a mild sell-off over the last seven days, down 4.2% to $0.4592, according to BeInCrypto data. However, it increased by more than 24% in the previous 60 days.
Meanwhile, several legal experts previously predicted that the Court would decide by the end of the first quarter of 2023. However, Ripple said it expects the Court to issue its summary judgment before the end of the year.
Disclaimer
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Source: https://beincrypto.com/xrp-lawyer-why-coinbase-wont-list-immediately/