Jeremy Hogan, a pro-XRP lawyer and partner at Hogan & Hogan law firm, has shared more reasons that may be hindering Coinbase from relisting XRP despite pressure from the token community.
According to him, the leading U.S.-based cryptocurrency exchange would not resume XRP trading until there is a final ruling in the longstanding Ripple-SEC case. And as it stands, no one knows for sure when Judge Analisa Torres would issue the Summary Judgment. However, Ripple CEO Brad Garlinghouse predicts a conclusion may come before or by the end of September 2023.
“Any chance of a relisting prior to Ripple verdict went out the window with the SEC Wells notice,” he opined in a Tuesday tweet, pinpointing what Coinbase could suffer if it opts to relist the sixth-largest cryptocurrency by market capitalization on its trading platform now.
The top attorney submitted that Coinbase could be negatively affected in its case against the SEC if the exchange relists XRP and then Ripple happens to lose in the XRP lawsuit. He wrote, “Well if Ripple were to lose, it’d put them on their back heel in their pending litigation.”
Well, if Ripple were to lose, it'd put them on their backheel in their pending litigation.
Any chance of a relisting prior to Ripple verdict went out the window with the SEC Wells notice IMO.
— Jeremy Hogan (@attorneyjeremy1) May 16, 2023
By implication, Hogan says members of the XRP community should only expect XRP to be relisted on Coinbase after the Ripple-SEC case ends. This syncs with the recent comments from Coinbase Chief Legal Officer Paul Grewal.
As earlier reported, Grewal noted that Coinbase would still carry out a thorough assessment of XRP before the exchange can support XRP trading again even though the court concludes that it is a non-security in the ongoing Ripple-SEC case. Consequently, he outlined all the legal steps that could probably lead to the resumption of XRP trading on the second-largest crypto exchange in the world.
On the other hand, Coinbase and Ripple seem to be joining forces to tackle the U.S. SEC as seen in the recent meeting between both companies’ lead attorneys. As reported by Grewal, the SEC said it is bent on achieving crypto regulation by enforcement and not in for rulemaking.
The SEC acknowledged that it will continue to use enforcement actions as a substitute for rulemaking for the foreseeable future, but not to worry — those enforcement actions may eventually “inform” not-yet-planned rulemaking. 4/7
— paulgrewal.eth (@iampaulgrewal) May 16, 2023
