XRP community once again raised the issue of Coinbase relisting the token in the event of Judge Torres ruling in Ripple’s favor and the SEC appeals.
This time, the question was posted to crypto legal expert Jeremy Hogan who gave a positive response but cautioned that there are no promises as to what Coinbase might do because it hasn’t always been reliable.
XRP members are emboldened by a previous ruling made by Judge Torres in SEC v. Rio Tinto case.
On July 2022, the U.S. Securities and Exchange Commission lost its bid to revive certain claims it brought against the mining giant Rio Tinto PLC.
Prior to that, Judge Torres rendered a significant ruling against the SEC, which the agency later appealed. Even though Torres’ decision was ultimately upheld by the appeals court, the process took a long time.
While this case has nothing to do with Ripple specifically, it does shed some light on the potential timetable of the legal proceedings involving XRP.
Hogan advises against inquiring as to the duration of the process.
On January 2021, Coinbase, a top U.S. digital currency exchange, removed XRP from its platform after the regulator filed a lawsuit against Ripple Labs, a major backer of the token.
In the filing, SEC alleged Ripple and its top execs of selling the asset as unregistered securities to investors.
While the community waits for a decision, there have been discussions about the top exchanges relisting the token because doing so would have a significant impact on the cryptocurrency’s price.
John E. Deaton, a prominent lawyer, recently took to Twitter to explain that Coinbase’s decision to suspend XRP trading on its platform may have been influenced by the company’s IPO [Initial Public Offering] in 2021.
John E. Deaton Explains Why Coinbase Delisted XRP
Deaton’s comment was in reaction to a statement made by Australian attorney Bill Morgan who remarked that the exchange’s fair notice defense may be compromised by Coinbase’s move to delist XRP.
Community members were surprised by the lawyer’s softened remarks toward Coinbase.
Deaton’s remark is noteworthy because it came out just a month after he called Ripple and XRP “regulatory sacrificial lambs.”
According to him, Coinbase had to take every precaution to win the SEC’s favor because the exchange needed that approval in order to go public. Included in this is the exchange’s choice to stop XRP trading.