CryptoLaw founder and Pro-XRP attorney John Deaton has pinpointed the reason why the crypto exchange Uphold keeps trading XRP in the United States despite the class action lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC).
It is no longer news that the SEC filed a lawsuit against Ripple, alleging that XRP is a security and must register as a security asset under the United States regulatory commission.
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Uphold Inc’s Stance On Trading XRP On Its Platform
Despite the SEC’s stance on XRP as security, Dr. Martin Hiesboeck, head of research at Uphold exchange platform, announced the launch of its institutional business and trading platform in a manner that proves that the US-based crypto exchange will not suspend XRP trading on its platform, unlike other exchanges such as Coinbase and Kraken that delisted the embattled crypto shortly after the lawsuit was filed against Ripple.
Martin Hiesboeck tweeted, “The biggest supporter and only active U.S. choice for $XRP fans @UpholdInc launching institutional business & trading platform just as the situation gets resolved.”
In response to Martin’s tweet, John Deaton noted that Uphold’s decision to continue trading XRP on its platform would stand out as one of the most significant moves in the crypto’s history.
“@UpholdInc deciding to NOT suspend the trading of #XRP simply b/c a lawsuit was filed by compromised, conflicted regulators, whose motives were questioned by one of the most esteemed SEC regulators of all time (Grundfest), will go down as one of best decisions in crypto history,” John Deaton reacted.
@UpholdInc deciding to NOT suspend the trading of #XRP simply b/c a lawsuit was filed by compromised, conflicted regulators, who’s motives were questioned by one of the most esteemed SEC regulators of all time (Grundfest), will go down as one of best decisions in crypto history. https://t.co/zoQ014ucSs
— John E Deaton (@JohnEDeaton1) May 27, 2023
Is This The First Time Uphold Showed Support For XRP?
We already mentioned earlier that Uphold never disabled its services for XRP. Instead, the outlet assured that users will keep trading XRP on its trading platform.
In March, while the XRP community called on Coinbase to relist the digital asset on its exchange, Uphold reminded crypto enthusiasts that its platform is always available for trading XRP. Uphold also shared a video on how to buy XRP using different methods such as bank accounts, cards, and external wallet applications on its Twitter account.
Read Also: Ripple CEO Brad Garlinghouse Defends XRP Against Securities Allegations, Slams Critics
In April, Uphold reiterated its support for XRP, and attorney John Deaton reacted. Uphold’s tweet in support of XRP trading on its platform went thus, “Uphold never delisted XRP. We’ve always been there for the XRP community.”
In response, Deaton praised Uphold for seizing advantage of the opportunity to take proceeds from XRP trades.
“Between January 2021 and January 2023, I bet XRP represents a healthy percentage of trading fees earned at Uphold. The very smart business decision to not suspend trading and wait until the decision comes down by the Court,” Deaton tweeted.
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