Against the backdrop of cryptocurrency exchange Coinbase, which advocates cryptocurrency staking and economic freedom, the online community has also called on the company to support XRP (XRP).
February 9 Coinbase General Counsel Paul Grewal argued that Coinbase’s staking program was not affected by rival exchange Kraken’s shutdown of its staking services. The chief executive argued that Kraken’s staking platform “essentially offers a profitable product” while Coinbase’s staking services are “fundamentally different and not securities.”
Coinbase CEO Brian Armstrong also said on Twitter Thursday that the exchange will continue to oppose the government when it comes to protecting services like staking. He complained about the lack of clear betting rules, adding:
“We will continue to fight for economic freedom, our mission at Coinbase. Some days, being the most trusted brand in crypto means protecting our customers from government abuse.”
The community has been quick to respond to Armstrong’s ambitions for “economic freedom” and many have criticized Coinbase for staying away from XRP since the delisting of the cryptocurrency in 2020. The decision to suspend XRP trading was made by the US Securities and Exchange Commission (SEC). sue Ripple, alleging that the firm violated securities laws by selling XRP tokens.
“Is the XRP delisting a good example of how Coinbase is protecting customers from government abuse?” one crypto enthusiast asked on the Twitter thread.
The community has also resurrected the #relistXRP hashtag on Twitter, with many people highlighting that XRP has yet to be declared a security after more than two years of Ripple’s legal battle with the SEC.
“If Coinbase really wanted to show that they are against the SEC, they would just #relistXRP. I mean seriously, it hasn’t even been declared a security! Coinbase and Brian Armstrong are nothing but a bunch of cowards,” one industry observer. argued.
Getting rid of crypto staking would be a ‘terrible path’ for the US – Coinbase CEO
Many crypto activists have also cited the recent legal win associated with the LBRY Credits (LBC) token sale, drawing parallels to XRP. On January 30, the SEC officially recognized that the sale of LBRY tokens on the secondary market is not a security, implying that players such as Coinbase can offer LBC trading without any legal issues.
Coinbase needs to relist $XRP.
According to the SEC vs LBRY standard, $XRP sold by secondary holders are not securities.
— LBRY (@LBRYcom) February 1, 2023
“Coinbase and other companies should list XRP immediately after the legal team of LBRY and Deaton were able to obtain official confirmation from the SEC that sales of cryptocurrencies in the secondary market, such as exchanges, are not securities transactions,” wrote a Twitter user Eviszen.
Launched in 2012, XRP is the main cryptocurrency embedded in the Ripple protocol that aims to provide financial tools such as a cross-border payment method. Despite being involved in a major legal battle with the SEC over the past few years, XRP remains one of the world’s leading cryptocurrencies by market value. At the time of writing, XRP is the sixth largest crypto asset by value, with a market capitalization of almost $20 billion, according to data from CoinGecko.
Credit : cointelegraph.com
