Lawyer Morgan Mac Lawyers suggested that the Coinbase exchange will not delist bitcoin and ether even under pressure from regulators, since these cryptocurrencies account for 65% of trading volume.
Bill Morgan assured that the San Francisco-based marketplace will never do the same with BTC and ETH as it once did with XRP. Coinbase’s business model relies heavily on trading the leading coins by market capitalization. The lawyer is sure that even a hypothetical court decision on recognizing both crypto assets as securities will not affect it. Reason: This will lead to the financial ruin of Coinbase.
The platform added trading pairs with XRP in 2019. However, in January 2021, Coinbase delisted the coin after the US Securities and Exchange Commission (SEC) sued Ripple for violating securities laws. The exchange confirmed that the decision was due to enforcement action by the agency.
However, Coinbase also failed to avoid the claims of the regulator. The SEC recently warned Coinbase that it could sue it for trading in unregistered securities. This caused a strong reaction from the crypto community.
According to former SEC lawyer Marc Fagel, Coinbase is unable to defend itself against the regulator’s lawsuit. The exchange may refer to statements by senior officials, including former SEC CFO William Hinman. A few years ago, he said that ether is not considered a security.
Last week, Coinbase itself sued the SEC for its reluctance to clarify industry regulations and harassment of crypto companies.
Stay in touch! Subscribe to bitcoinlinux.com at Telegram.
