Bakkt Delists Ripple Rival Stellar, XRP Community Reacts

The Ripple community takes a hit at the SEC chairman as a prominent US crypto exchange massively delists coins, including Ripple’s rival XLM.

Bakkt, the crypto business arm of Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), has recently made the decision to delist a number of digital assets, including Stellar Lumens (XLM), a well-known rivalry of the Ripple token, XRP.

The exchange cited regulatory guidance and industry developments as the reasons for the mass delisting. A spokesperson for Bakkt explained that the decision was part of the exchange’s regular coin listing review process, which is designed to ensure that the interests of its clients and their consumers are best served.

The spokesperson further stated that the review process takes into account the most up-to-date regulatory guidance and the latest industry developments.

XRP Community Reacts

Bakkt’s decision to delist XLM alongside other tokens has been met with stern criticism from the Ripple and XRP community, with some members questioning the motives and speculating that it may be an attempt to spread fear, uncertainty, and doubt (FUD) or that the exchange has received a warning from U.S. regulators that made them delist so many coins.

An XRP enthusiast with the username AshleyPROSPER on Twitter particularly mentioned Gary Gensler, the current Chairman of the U.S. Securities and Exchange Commission (SEC), who previously taught blockchain and money courses at the Massachusetts Institute of Technology (MIT).

AshleyPROSPER referenced one MIT Blockchain and Money Lecture 18, one of Gensler’s lectures, where he said most cryptocurrencies are not securities. However, AshleyPROSPER noted that the lecture had been removed from MIT’s online course catalog, leading Gensler to be accused of biased crypto regulation.

#XRP #XRPCommunity We know Bakkt has connections to Gary Gensler from the missing MIT Blockchain and money Lecture 18… So, is this an attempt to spread FUD? Or has Bakkt been given a heads up by the SEC? The "regulatory concerns" excuse may be a signal. The full list of… https://t.co/5pYCW1oEFx pic.twitter.com/q6yQpHGyJX

— Ashley PROSPER (@AshleyPROSPER1) May 13, 2023

Recently, high-profile pro-XRP attorney John Deaton accused the SEC’s leadership of corruption in their dealings with Ripple Labs. Deaton claimed the SEC deliberately hid the truth by withholding important documents and emails crucial for Ripple Labs to mount a strong defense in the long-running legal battle.