Attorney Bill Morgan slams Coinbase again over its decision to not support XRP secondary market sales.
Prominent Australian-based lawyer Bill Morgan faults Coinbase over its decision not to support XRP secondary market sales. The pro-XRP attorney said this while expanding on an earlier remark in which he called out the American exchange for inconsistencies.
“It is not smart for exchanges like Coinbase to continue not to allow secondary trading of XRP,” Morgan said in a tweet today.
I agree generally but it is not smart for exchanges like @coinbase to continue to not allow secondary trading of XRP. And I took a passage from Coinbase’s response to the Wells notice and showed the assertion Coinbase made was totally inconsistent with its behaviour towards XRP/1 https://t.co/xw2vLIBaDP pic.twitter.com/JMrnzgDBJo
— bill morgan (@Belisarius2020) June 7, 2023
According to him, the assertions made by Coinbase in its reply to the SEC’s Wells Notice were inconsistent with the exchange’s behavior towards XRP.
He attached a portion of Coinbase’s reply to the Wells Notice, where the exchange argued that secondary market transactions do not implicate an investment contract, irrespective of whether an issuer engaged in marketing efforts at the time of each transaction on its platform.
Per attorney Morgan, it is understandable if Coinbase stops Ripple or its intermediaries from selling XRP on its platform. However, he argued that Coinbase halted support for XRP secondary market transactions in its entirety, including those sales that are not tied to Ripple in any way.
Morgan vowed to keep exposing the exchange’s inconsistencies. However, regardless of these differences, he declared support for Coinbase amid its legal battle against the United States Securities and Exchange Commission.
However I support Coinbase against the SEC and hope it completely succeeds in its defense. I think it has been badly treated by the SEC/3
— bill morgan (@Belisarius2020) June 7, 2023
It bears mentioning that Coinbase halted support for XRP trading less than a month after the SEC charged Ripple with violating federal securities laws.
While attorney John Deaton believed Coinbase’s decision was due to the exchange’s plan of going public at the time, several XRP proponents like Morgan think the exchange was unfair to the coin and its supporters. Notably, Coinbase failed to suspend support for Algorand despite the SEC also labeling it a security, raising questions.
Seedstarter Founder Asks XRP Holders to End Crypto Tribalism
Attorney Morgan made his latest remark while reacting to a Twitter thread by Jesse Hynes, founder of the equity crowdfunding platform Seedstarter. In the thread, Hynes urged XRP community members to move beyond tribalism and embrace victims of SEC’s recent enforcement actions.
For context, XRP enthusiasts believe the crypto community turned its back on them after the SEC sued Ripple in December 2020 for violating federal securities laws via its offer and sale of XRP.
Hynes pointed out that Coinbase and Binance could have done more at the initial stage of Ripple’s legal battle. However, he added that other crypto communities saw Ripple and XRP enthusiasts as the bad guys.
I argued for destroying tribalism years ago when Ripple faced the SEC action. Unfortunately for most XRP holders, the rest of the world continued on, and even pointed to Ripple/XRP as the bad guys and didn’t step up. Coinbase & Binance are two companies that could have done more
— Jesse Hynes ? (@jesse_hynes) June 7, 2023
With the SEC suing Coinbase and Binance and labeling several crypto assets, including ADA and BNB, as securities, other cryptocurrency community members have started speaking against the regulator’s adverse enforcement actions.
Hynes Sues for Peace
Interestingly, XRP enthusiasts have not made things easy for the latest victims of SEC’s legal battle, as they continued to remind these crypto supporters about their sustained silence in the wake of Ripple’s lawsuit.
Meanwhile, Hynes thinks it’s time for the XRP community to move beyond the criticisms and be the “bigger person” by welcoming other crypto enthusiasts who are speaking against the SEC’s negative stance.
“You gave all these companies and groups hell for the last couple of days. It’s time to be the welcoming outcast who has been through it all and empathize with all the new emotions and experiences everyone else is facing,” Hynes stressed.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
