It was a celebration gallon when the Coinbase exchange gained victory over the allegation laid against it for selling unregistered security to the customers and given this, the community of XRP got their hope alive, expecting the exchange to list XRP tokens again.
According to reports, United States District Judge Paul Engelmayer dismissed a class action filed by Coinbase customers claiming the exchange sold unregistered securities to them. The customers also claimed that the prominent San Francisco-based exchange failed to register as a broker-dealer.
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The case, filed against Coinbase and its CEO Brian Armstrong, was dismissed yesterday by Judge Engelmayer. The United States District Judge tossed out the case because the plaintiff’s claim made in the amended complaint filed in March 2022 contradicts the initial complaint.
As stated on the Twitter handle of a Chief Legal at Coinbase, Paul Grewal appreciates the court for the elimination of the file against the exchange company.
He tweeted; “We appreciate the federal court’s careful consideration and affirmation of what our User Agreement makes abundantly clear: Coinbase does not hold title to customer assets.”
Coinbase To Relist XRP Following Its Victory
Not long after Coinbase’s victory, the community of Ripple spike up their hoper, calling the Coinbase exchange to relist XRP. Meanwhile, a Twitter user named “Raff” first asked pro-Ripple lawyer attorney Jeremy Hogan whether the court’s ruling absolves Coinbase of any wrongdoing should it choose to relist XRP. At press time, attorney Hogan has not responded.
It is worth noting that Coinbase was one of the exchanges that delist Ripple’s token following the allegation and the onset of the fight between the US commission and the leading blockchain, alleging the latter for selling an unregistered token to the customers in XRP.
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U.S.-based exchanges delisted the token due to fears that the regulator might sue them for facilitating the trading of alleged unregistered securities. Whether the exchange will bow to pressure and relist XRP amid growing demands remains to be seen.
Notably, the calls for Coinbase to relist XRP have been spiking over time after the new industry development.
A recent report recorded that SEC had a total victory over LBRY in November but the most recent one noted that the court said it would clarify that its November ruling does not include secondary market sales. Deaton revealed that the judge said he has no plans to stop the sale of LBRY credit via a “permanent injunction.”