Exchanges Still Listing XRP Despite Ripple Lawsuit
U.S. cryptocurrency exchanges had to consider removing XRP amid a lawsuit filed by the Securities and Exchange Commission (SEC). The lawsuit is based on SEC’s claims that the crypto is unlisted fundraising security issued by Ripple Labs.
Among these exchanges, Coinbase deserves a special mention. Apart from the usual considerations about XRP listing, it also wants SEC approval to issue its shares and trade with private investors. If the commission wins the case, XRP could be classified as a security, making it subject to U.S. legalities. Those offering it for trading must be listed as an exchange.
Some Exchanges Still Support XRP
Gatehub, a cryptocurrency platform based in the U.K., announced on 12 January 2020 that the exchange would allow continuous buying and selling of XRP (Ripple) on its platform. Gatehub uses the XRP platform and is supported by Chris Larsen, the co-founder of Ripple Labs.
In a statement from the exchange available on the website, Gatehub will continue to trade XRP as long as there is sufficient evidence that XRP is a security or has been warned by the SEC to stop trading XRP on the exchange.
Cex.io is one of the best crypto trading platforms that you can use to buy and sell bitcoin. You can deposit funds with MasterCard, Visa card, or PayPal Debit MasterCard. This online program pursues scalping strategies and trading frequencies to secure assets and data. Users can exchange USD for Bitcoin, Ethereum (Open Source Distributed Computing Platform), and XRP (Ripple), hence listing the crypto in question.
Changelly is one of the best cryptocurrency exchanges that allow you to exchange crypto and buy it with a bank card. It currently offers the ability to trade BTC (Bitcoin), XRP, ETH, and LTC (Litecoin). Changelly acts as an intermediary between crypto exchanges and consumers and provides access to more than 150 cryptocurrencies. The company’s mission is to make the exchange process hassle-free for anyone looking to invest in cryptocurrency. Its mobile platform and app, which has been in operation since 2015, attracts more than one million visitors each month and enjoys high limits, fast transactions, and round-the-clock support.
Is XRP a Security or a Currency?
The position of whether XRP is a security is debatable, with many criticizing the timing of the XRP lawsuit as a minor blow. SEC filed the case after former SEC President Jay Clayton left. While some argue that XRP fits Howie’s test, and that makes it a security, others say people should see it more as a cryptocurrency.
If XRP receives guarantees under the SEC, it could lead to investigations of the same value for other cryptocurrencies. It is because cryptocurrencies are supposed to be regulated with the same powers as traditional assets.
The SEC appears confident of its opportunity and has a useful precedent in its case against Telegram and Kik.