Key TakeawaysUphold says that it will not delist XRP despite the SEC’s current lawsuit against Ripple. It will only do so if the SEC declares unequivocally that XRP is a security, or if trading volumes decline to an unreasonable point. Meanwhile, Blockchain.com and several other exchanges plan to delist XRP for the time being.
Share this article
Uphold has revealed its stance on XRP delisting in the wake of the U.S. Securities and Exchange Commission’s lawsuit against Ripple.
Uphold Will Not Delist XRP
Uphold has stated that it will not delist XRP despite the regulatory threats that Ripple currently faces.
J.P Theriot, co-founder and CEO of Uphold, says that the exchange will continue to list XRP “until and unless the Complaint is adjudicated against Ripple.” That means that the U.S. Securities and Exchange Commission will need to explicitly state that XRP is a security in order for Uphold to delist it.
He adds that the exchange would also delist XRP if trading volumes fell to a low level that would make supporting the coin impractical. That criteria does not appear to be the case right now, as XRP is currently the fourth most-traded cryptocurrency with a 24-hour volume of $12.6 billion.
Theriot also noted that while the SEC is a “lion” that protects consumers, its actions could harm Ripple, XRP investors, and blockchain innovation in a broader sense. “Perhaps the innovator in question [Ripple] poked the lion and got swatted,” Theriot wrote.
“Now we have to see whether the lion gets up and finishes the job, or returns its attention to more likely (and deserving) next meals,” he concluded, alluding to the many fraudulent enterprises that have been shut down by the SEC in recent years.
Theriot says that Uphold hopes that the resolution of the XRP complaint will create more clarity for the blockchain industry.
Delistings Are Widespread
Several other exchanges have also recently announced their policy on Ripple’s SEC lawsuit and delistings. Coinbase, OKCoin, Bitstamp, Bittrex, Binance.US, 21shares, and a number of other exchanges have chosen to delist XRP, at least for the time being.
Blockchain.com, meanwhile, has revealed that it will halt XRP trading beginning on Jan. 7 at 11:59pm GMT. This is earlier than the previously announced date of Jan. 14.
Blockchain.com told Crypto Briefing that low volumes were the reason for the prompt delisting: “While we initially set January 15th as the trading halt date for XRP to give our customers as much notice as possible, we’ve determined that interest in trading XRP is lower than expected,” the firm said.
The firm says that users will still be able to access XRP after that time, but they will not be able to deposit XRP. It also says that adding and removing support for XRP is an “ongoing process,” and that it will continue to monitor developments surrounding XRP.
Ripple announced that the SEC had plans to file a lawsuit against it on Dec. 22. The SEC argues that the firm’s XRP sales constitute an unregistered security offering, a claim that Ripple plans to contest.
Legal proceedings against Ripple will begin in mid-February, according to recent court filings.
This article has been updated with a statement from Blockchain.com.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Uphold Files Lawsuit Against Cred After Bankruptcy Announcement
Following Cred’s bankruptcy announcement, Uphold announced its plans to take the lending service to court to recover lost users’ funds. Uphold Takes Cred to Court Uphold is a popular cryptocurrency…
Binance.US to Delist XRP Amid Ripple Lawsuit
Binance.US is delisting XRP next month. The leading cryptocurrency exchange announced the news this evening. XRP in Crisis Binance.US has announced its plans to suspend XRP trading. A blog post…
Ripple’s Regulatory Court Battle Will Begin In February
The Southern District of New York has set a pre-trial date for a legal case between the Securities and Exchange Commission (the SEC) and Ripple (creator of the XRP token)….
Avoiding Common Trading Mistakes
Being a successful trader is one of the most difficult pursuits that any person can undertake. The path to success is littered with countless examples of even those who are…