Amid cryptocurrency exchange Coinbase championing cryptocurrency staking and economic freedom, the online community has urged the company to also support XRP.
On Feb. 9, Coinbase Chief Legal Officer Paul Grewal reclaimed that Coinbase's staking program is not affected by the rival exchange Kraken shuts down its staking services. The executive argued that Kraken's staking platform "essentially offered a performance product," while Coinbase's staking services are "fundamentally different and are not securities."
Coinbase CEO Brian Armstrong also took to Twitter on Thursday to state that the exchange will continue to oppose the government when it comes to protecting services like staking. He She complained on the lack of clear regulations on betting, adding:
โWe 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 overreach.โ
The community was quick to react to Armstrong's "economic freedom" ambitions, with many criticizing Coinbase for staying away from XRP (XRP) after cryptocurrency delisting in 2020. The decision to suspend XRP trading came in response to the United States Securities and Exchange Commission (SEC) take legal action against Ripplealleging that the company violated securities laws by selling XRP tokens.
โIs XRP delisting a good example of how Coinbase protects clients from government overreach?โ a cryptocurrency enthusiast asked in the Twitter thread.
The community has also pushed the hashtag #relistXRP on Twitter again, with many people emphasizing that XRP has not yet been declared a security, it is followed by more than two years into Ripple's legal battle with the SEC.
โIf Coinbase really wanted to show that they oppose the SEC, they would just #relistXRP, I mean, seriously, it hasn't even declared a security! Coinbase and Brian Armstrong are nothing but a bunch of cowards,โ also an industry observer argument.
Related: Ditching Crypto Betting Would Be a โTerrible Pathโ for the US: Coinbase CEO
Many crypto activists also pointed to a recent legal victory related to the LBRY Credits (LBC) token sale, which draws parallels with XRP. On January 30, the SEC admitted in minutes that the sale of LBRY tokens in the secondary market it does not constitute a security, which means that players like Coinbase can offer LBC transactions without any legal problems.
Coinbase should be listed again $XRP.
Under the SEC vs. LBRY standard, $XRP sold by secondary holders is not a security.
โLBRY (@LBRYcom) February 1, 2023
"Coinbase and others should list XRP immediately after LBRY and Deaton's legal team succeeded in getting the SEC to confirm on file that secondary market crypto sales, for example through exchanges, do not constitute securities transactions," wrote Twitter user Eviszen.
Launched in 2012, XRP is a major cryptocurrency native to the Ripple protocol, which aims to provide financial tools as a cross-border payment method. Despite being involved in a major legal battle with the SEC for the past few years, XRP has remained one of the world's top cryptocurrencies by market value. At the time of writing this article, XRP is the sixth largest crypto asset by value, with a market capitalization of nearly $20 billion, according to data from CoinGecko.
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