Deaton Explains Why Uphold Didn’t Suspend XRP Trading in US

Attorney Deaton said Uphold not suspending XRP trading is one of the best decisions in crypto history.

CryptoLaw founder attorney John Deaton made new comments about the decision by crypto exchange Uphold not to suspend XRP trading despite the SEC alleging that the coin is a security.

In a tweet today, attorney Deaton asserted that Uphold not suspending XRP trading after “conflicted and compromised” SEC officials will go down as one of the best decisions in crypto history.

“Uphold deciding to NOT suspend the trading of XRP simply because a lawsuit was filed by compromised, conflicted regulators, whose motives were questioned by one of the most esteemed SEC regulators of all time (Grundfest), will go down as one of the best decisions in crypto history,” said Deaton. 

The pro-XRP lawyer made this known while reacting to reports that the U.S.-based crypto exchange launched its institutional business and trading platform. Dr. Martin Hiesboeck, Uphold’s Head of Research, revealed the development.

The biggest supporter and only active US choice for $XRP fans @UpholdInc launching institutional business & trading platform just as the situation gets resolved. 😃#Hinman #SEC #XRP #XRPL #xSPECTAR #metaverse

You are welcome. 🎉 pic.twitter.com/WSF6GutgUV

— 🟩 Dr Martin Hiesboeck (@MHiesboeck) May 26, 2023

Uphold Didn’t Suspend XRP Trading Despite SEC Lawsuit

Recall that U.S.-based centralized crypto exchanges, including Coinbase and Kraken, delisted XRP shortly after the SEC charged Ripple and two of its execs (Brad Garlinghouse and Chris Larsen) with offering unregistered securities. Interestingly, Uphold did not follow the path of other top exchanges, as it continues to list XRP to date.

In April, Uphold reminded XRP community members that it never delisted XRP or disabled their services for the crypto asset despite the SEC’s claim that the coin is a security.

Reacting to the announcement, Deaton commended Uphold for making a “very smart business decision” by not suspending XRP trading. The prominent lawyer asserted that XRP represents a healthy percentage of the trading fees earned at Uphold between January 2021 and January 2023. 

Between January 2021 and January 2023, I bet #XRP represents a healthy percentage of trading fees earned at Uphold. Very smart business decision to not suspend trading and wait until the decision comes down by the Court. https://t.co/TbX9do8Stf

— John E Deaton (@JohnEDeaton1) April 4, 2023

Even though XRP can be traded on Uphold, crypto asset enthusiasts are hoping for a favorable ruling in the lawsuit that could prompt other exchanges like Coinbase to relist the coin. 

There is no official ruling date for the SEC vs. Ripple lawsuit, which has lingered for more than two years. However, Garlinghouse speculated that a summary judgment decision would be made in weeks, not months.