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The over-extended legal battle between blockchain payments firm Ripple Labs Inc and the U.S. SEC is affecting the liquidity diversification of XRP. Pointing out this major strain, pro-Ripple attorney John Deaton responded to a tweet from fellow lawyer Bill Morgan stating why Ripple, as a major proponent of XRP, has removed the coin from its Liquidity Hub.
Morgan clarified to a Twitter user that the earlier meeting between Coinbase and Ripple CLOs is not a move that will guarantee the relisting of XRP on the trading behemoth. Recall that Coinbase delisted XRP following the securities lawsuit filed by the SEC against Ripple back in December 2020.
Justifying the statement from Morgan, Deaton said the community should not expect a listing from Coinbase when Ripple does not even host its own Liquidity Hub platform. The XRP holders' lawyer said the regulatory uncertainty surrounding XRP makes it hard to make the move to support the trading or the use of the asset in crypto-related payment transactions.
Bill’s point below is a significant one. @Ripple isn’t listing #XRP on its own Liquidity Hub platform until there is more regulatory clarity in the U.S. specific to #XRP. So much depends on what Judge Torres decides. This is the main reason why we fought so hard to be involved. https://t.co/Xaii3xktzD
— John E Deaton (@JohnEDeaton1) May 5, 2023
He went on to say that the restrictions being placed are one of the reasons why the fight against the market regulator is an all-encompassing one.
Gamza KhanzadaevUnrelenting in ongoing fight
As a representative of 75,000 XRP holders, it is obvious John Deaton is not planning to back down from the fight against the SEC. Sharing with his more than 263K followers on Twitter, the attorney said the amicus brief he submitted in the case and the affidavits from more than 3,500 investors and investors in more than 143 countries is an indication that public interest in the case is very high.
He said he remains optimistic that Judge Torres will deliver a good verdict per the much expected summary judgment. Earlier, Deaton killed any hope that there might be a settlement negotiation between the SEC and Ripple following rumors that both have a private meeting scheduled for next week.
Arman Shirinyan
Tomiwabold Olajide
Dan Burgin
U.Today Editorial Team
Vladislav Sopov