Paul Grewal praised Ripple’s defense team before an impending court judgment, indicating a likely relisting of XRP on Coinbase.
Paul Grewal said that Coinbase may relist the XRP cryptocurrency as the SEC vs. Ripple decision nears.
Grewal told Tony Edward, the YouTube program Thinking Crypto presenter, that there are too many legal ambiguities to provide a strong response on relisting.
The U.S. securities regulator asserted that Ripple sold $1.3 billion in unregistered securities. In December 2020, a lawsuit was filed against the corporation, Chairman Chris Larsen, and CEO Brad Garlinghouse.
Coinbase delisted XRP on January 19, 2021, in reaction to the SEC’s lawsuit against Ripple. Several crypto organizations, like Bitwise and Bitstamp, followed suit, among others.
The decision to delist was based on Coinbase’s Digital Assets Framework policy, which evaluates criteria such as securities compliance.
When questioned about the delisting, Grewal said it is a standard business policy to routinely examine assets in light of newly acquired knowledge. Despite his relatively modest reaction, he recognized that the issue had caused some XRP investors displeasure.
Grewal, commenting on the current status of the action, said that Ripple’s defense team had done an excellent job of countering the SEC’s claim. He stated that his conviction was sufficient to motivate Coinbase to write its own brief in support of Ripple’s cause.
Grewal said “it’s conceivable,” when asked whether Coinbase will relist XRP. It relies on the result of the action, more precisely, the foundation for the judgment — the judge’s legal rationale, an evaluation of whether an appeals court would favor relisting.
The SEC v. Ripple case has revealed gaps in the agency’s policy and regulatory approach. For instance, Ripple’s fair notice argument asserted that the XRP token is comparable to Bitcoin and Ethereum and that the defendants had no reason to assume they violated securities laws in the absence of information to the contrary.
In other words, if BTC and ETH are not securities and there is no indication that XRP is different, the defendant did not intentionally violate securities regulations.
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