When the U.S. Securities and Exchange Commission (SEC) sued Ripple Labs in December 2020, nearly every major American exchange delisted XRP. Uphold Inc. stood apart. The global trading platform stood out by continuing to offer XRP to customers despite the legal battle.
A newly shared video on X by ALLINCRYPTO captures Chief Executive Officer Simon McLoughlin explaining why Uphold made that choice and why, years later, he feels “very proud and vindicated.”
Uphold’s Legal Rationale
McLoughlin said the decision was grounded in a simple principle: the courts had not yet ruled on XRP’s legal status. “As a matter of law, XRP was not a security,” he stated, recalling that when the SEC first filed its complaint, “it had not been adjudicated upon,” so Uphold concluded “the right thing to do was to continue to support XRP until the courts had [ruled] upon it.”
The company held firm against delisting pressure, prioritizing due process over following industry trends.
🔥 @UpholdInc CEO Simon McLoughlin on deciding to not delist $XRP during Ripple's battle with the SEC's Gary Gensler and to instead show support for the token:"As a matter of law, XRP was not a security." pic.twitter.com/Zjj6rjMFrw
— ALLINCRYPTO (@RealAllinCrypto) September 22, 2025
SEC’s Stance and Market Impact
The CEO noted that the SEC never directly ordered the removal of XRP from trading platforms. “All of the U.S. exchanges had delisted XRP and effectively caused detriment to U.S. consumers,” he noted, yet “the SEC said we never asked [them] to,” a development he believes “vindicated our stance.”
By continuing to offer XRP, Uphold preserved market access for customers who would otherwise have been sidelined during a critical period.
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Court Rulings Confirm the View
Legal developments have since validated Uphold’s approach. In July 2023, U.S. District Judge Analisa Torres ruled that while certain institutional sales of XRP qualified as securities transactions, sales on public exchanges did not.
After a failed settlement attempt, both the SEC and Ripple withdrew their appeals in August 2025, leaving intact the court’s finding that secondary-market sales of XRP are not securities. For McLoughlin, this outcome confirms the reasoning that guided Uphold’s original decision.
A Stand for Due Process
Looking back, McLoughlin emphasized the satisfaction of staying the course. “We’re very proud and feel vindicated that we did support it for those two years,” he said, adding that it was “very gratifying this year to see the U.S. courts basically reject the majority of the SEC’s complaints against Ripple.”
By standing firm, Uphold illustrates how exchanges can harmonize regulatory diligence with customer needs. By refusing to delist until a final judgment, the company demonstrated confidence in the legal system and in XRP’s status—proving, as McLoughlin told ALLINCRYPTO, that “as a matter of law… XRP was not a security.”
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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