When the news of the current scuffle between Ripple and the Securities and Exchange Commission broke out, several crypto enthusiasts and exchanges started to give their takes on the issue. As things progressed, several crypto exchanges began to release respective statements saying that they have chosen to either delist trading XRP on their platforms or suspended the trading of the remittance coin.
Despite Bitcoin bringing massive smiles to the faces of several of its investors, the XRP crypto community has been trying to justify why the coin should not be considered as securities. Despite XRP on its way to make a groundbreaking performance in the crypto market, the SEC announced its lawsuit, which pulled the price of the digital asset in a bearish direction.
Uphold said that it is waiting for the verdict of the SEC on XRP
Coming alongside the news of the lawsuit was several crypto exchanges across the US announcing that they won’t be backing XRP. With several crypto exchanges moving against Ripple and XRP, a crypto exchange in the United States, Uphold announced that it would neither delist nor make any actions regarding the trade of XRP on its platform. The platform that prides on a cumulative volume trade of about $8 million has said that unless the SEC rules against Ripple, it will not take any action of its own against the remittance coin.
In its latest statement, the crypto exchange said that even though it does not see XRP as Securities, it would wait for the SEC to do their findings and announce their verdict before taking action against the coin. Uphold further said that exchanges that are choosing to delist XRP have not carefully looked into the asset’s chances of surviving the lawsuit and are also afraid of the regulatory penalties that come with not delisting it.
Uphold CEO Says that SEC’s action is putting the crypto market in jeopardy
Taking a swing at the SEC, Uphold said that their actions would always put investors and their funds in jeopardy, and they should always carry out investigations before making allegations. Uphold also noted that the SEC should still protect their consumers’ interests, and they are not doing so with this recent lawsuit against Ripple.
In a Twitter statement, Upholds Chief, JP Thieriott has also cautioned several exchanges that are delisting Ripple. He has noted that they should not be hasty to judge based on the information from regulatory bodies.
He noted that actions like this would have a Ripple effect on the entire crypto market, and they would not like it. Uphold is not the only crypto exchange waiting for the SEC’s judgment before deciding on XRP on its platform, as several other exchanges are also in that category.
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