Lawyer Calls Out Coinbase’s Continuous Suspension of XRP as Hypocritical

Attorney Morgan has continued to call out Coinbase for supporting crypto assets alleged to be securities while halting XRP trading.

Prominent Australian-based lawyer Bill Morgan has continued to slam Coinbase for failing to resume XRP trading.

Earlier today, attorney Morgan called out Coinbase Chief Legal Officer Paul Grewal during his exchange with CryptoLaw founder John Deaton.

Deaton Comments on BlackRock’s Recent Bitcoin ETF Filing

Attorney Deaton talked about BlackRock refiling its Bitcoin ETF application with the SEC, which saw the asset manager list Coinbase as its surveillance-sharing agreement (SSA) counterpart.

Notably, attorney Deaton asserted that the fact that BlackRock wants to work with Coinbase despite the SEC claiming the exchange is conducting an illegal business should tell people exactly what is happening.

In response, Grewal said, “Yes, sir, it does.”

Yes sir. Yes sir it does. https://t.co/2AQf2gJvha

— paulgrewal.eth (@iampaulgrewal) July 3, 2023

However, Grewal’s statement provoked attorney Morgan, who hurriedly joined the conversation. Morgan called on Grewal and Coinbase to relist XRP if they had done nothing unlawful.

Genesis of the Issue

For context, Coinbase delisted XRP moments after the SEC sued Ripple, alleging that the coin is an unregistered security. The San Francisco-based exchange has continued to ignore all calls from the XRP community to relist the coin.

Interestingly, attorney Deaton recently weighed in on the issue, highlighting why Coinbase delisted XRP. Notably, the prominent lawyer explained that Coinbase’s IPO might have prompted the decision to delist XRP.

In its legal battle against Coinbase and Binance, the SEC labeled over 15 crypto assets as securities, including some listed on Coinbase.

Instead of halting the secondary market sales of these tokens, Coinbase claims that secondary market transactions of cryptos fail all four prongs of the Howey test.

Morgan Bashes Coinbase

The exchange’s new position on crypto secondary market trading has infuriated XRP community members, including Morgan.

Attorney Morgan said it is “pathetically inconsistent” for Coinbase to halt XRP secondary market trading and continue to support other tokens the SEC alleges to be securities. 

Notably, attorney Morgan clarified that his criticism of Coinbase is not about the exchange’s decision to delist XRP in 2021.

He said: “I am talking about the inconsistency today between not resuming XRP (secondary market) trading while alleging secondary market trading of token meet no prong of Howey and allowing trading of tokens allowed in the SEC’s complaint against Coinbase are securities.”

I am talking about the inconsistency today between not resuming XRP (secondary market) trading while alleging secondary market trading of token meet no prong of Howey and allowing trading of tokens allows in the SEC’s complaint against Coinbase are securities/3

— bill morgan (@Belisarius2020) July 4, 2023

Furthermore, Morgan described any argument that Coinbase halted XRP trading due to duties to its shareholders as bulls**t. He asserted that if the exchange were concerned about its shareholders, it would have halted the trading of other tokens the SEC alleged to be securities, including SOL and ADA.

Additionally, attorney Morgan said Coinbase could have stopped the inconsistency by relisting XRP.

“It is totally inconsistent and hypocritical, and Paul Grewal has never explained it,” Attorney Morgan added.

Morgan has been vocal in calling out Coinbase over this inconsistency. Over the weekend, the pro-XRP lawyer said he could not forget what Coinbase did to the XRP community.

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• Source: https://thecryptobasic.com/2023/07/04/lawyer-calls-out-coinbase-over-continuous-suspension-of-xrp-says-its-hypocritical/?utm_source=rss&utm_medium=rss&utm_campaign=lawyer-calls-out-coinbase-over-continuous-suspension-of-xrp-says-its-hypocritical