Attorney and digital assets enthusiast Bill Morgan has raised concerns over Coinbase's alleged double standards regarding XRP. Morgan's remarks came in response to a recent statement by Paul Grewal, Coinbase's chief legal officer, indicating a potential dispute on the SEC's position on Coinbase's operations and the major exchange's relationship with major financial institutions like BlackRock.
Yes sir. Yes sir it does. https://t.co/2AQf2gJvha— paulgrewal.eth (@iampaulgrewal) July 3, 2023
The attorney took to social media to express his dissatisfaction with Coinbase's actions, stating that if the company had not engaged in any unlawful activities, it should reinstate XRP trading.
Morgan expressed his dissatisfaction and accused the exchange of hypocrisy, stating that its treatment of XRP is inconsistent with other tokens identified as securities by the SEC. He questioned why XRP trading has not been resumed on the secondary market when other tokens, like Cardano (ADA) or Solana (SOL) mentioned in the regulator's complain, are being freely traded on the platform.
Coinbase and XRP
Coinbase's stance on XRP has been a contentious issue for some time. In early 2021, the exchange paused trading for the token following the SEC's claim that the cryptocurrency was being operated illegally.
However, Morgan clarified that his criticism was not related to this specific incident but rather to the ongoing inconsistency in the exchange's actions. The attorney argued that Coinbase's handling of XRP raises concerns about its duties to shareholders and suggests a lack of transparency in explaining the discrepancy.
As the controversy unfolds, all eyes are on Coinbase and its response to these pointed criticisms.