Crypto Trading Firm Uphold Backs XRP Despite Ongoing SEC Case
One of the major crypto trading platforms, Uphold, has reaffirmed its support for the Ripple native asset, XRP amid the long-drawn court case with the US Securities and Exchange Commission (SEC). As a digital asset trading firm, Uphold allows users to buy, sell and hold numerous crypto tokens and tokenized stokes.
Supporting XRP
The crypto trading platform made its intention clear after reacting to a social media campaign on Twitter where commenters are asking for the exchange to relist XRP. It is worth noting that XRP was delisted from several crypto exchanges after the SEC sued Ripple Labs in December 2021 over its ICO sale, which the regulator alleges is unregistered security.
According to the lawsuit, the SEC alleges that Ripple Labs paid crypto trading platforms to allow the buying and selling of XRP on their networks. Furthermore, at the core of the legal battle is the debate on whether XRP is a security that should have been registered with the SEC.
Reacting to the social media trend, Uphold revealed that XRP is listed on its platform and added that the coin was never delisted. Uphold noted that it will maintain the token listed until the lawsuit between the SEC and Ripple Labs is resolved, which will legally determine if the asset is a security.
According to reports, Uphold stressed that it trusts other exchanges to adopt a similar approach rather than making a hasty judgment before the court concluded the case. It added that the job of the SEC is to protect consumers.
Therefore, it is hard to believe how a judgment that can render XRP worthless and inflict massive losses on retail players would align with the goal of the regulator.
How The SEC-Ripple Case Will Impact Crypto
The ongoing court tussle between Ripple Labs and the US regulator is an interesting topic of debate in the crypto community. Many in the crypto space believe that XRP is a divisive asset, while its supporters see the token as the key to mass crypto adoption.
However, experts noted that the court could only determine clarity over the status of XRP, and the rulings will likely affect the crypto ecosystem. While the court case continues to linger, some American crypto exchanges delisted XRP from their offerings, significantly pushing the token’s price down.
However, if the SEC fails to win the case, XRP will have the clarity needed to operate as a cryptocurrency in the United States. The win, as experts opined, will result in more people investing in XRP again.
Should the securities regulator win the court case, this will spell the end for XRP, which is expected to set the tone for further regulatory actions.
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