Coinbase Slammed by Attorney Bill Morgan For Not Willing to Support XRP Secondary Market Sale
Coinbase was slammed by Attorney Bill Morgan, a prominent Australian based-lawyer for its decision not to support XRP’s secondary market sale.
This was made known by Morgan in a remark in which he referred to the American Exchange as being inconsistent.
In a tweet today by Morgan, “It is not smart for exchanges like Coinbase to continue not to allow secondary trading of XRP”.
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
Speaking further, he mentioned that the assertion that was made by Coinbase in an attempt to reply to SEC’s Well Notice was not in resonance with the exchange acts towards XRP.
Read Also: New Document Proving that XRP Is Not A Security Shared By Top Lawyer
Morgan attached a portion of Coinbase’s reply to the Wells Notice which shows the exchanges arguing that a secondary market transaction does not implicate an investment contract, whether the issuer engages his effort in marketing at the time of each transaction on its platform.
The assertion of Attorney Morgan is that it is understandable if Coinbase restrains Ripple or its intermediaries from selling XRP on its platform.
He further mentioned that Coinbase stopped its support for XRP secondary market transactions entirely, with all the sales that are not tied to Ripple in any way.
Still, in the tweet Morgan vowed to make it a job to always expose the inconsistency of Coinbase.
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
Regardless of the differences this has caused, he stated his support for Coinbase as they battle against the SEC.
Note that Coinbase stopped their support for XRP trading a few weeks after the SEC charged Ripple for Violating security law.
Several XRP community members believed that the decision of the exchange was unfair. However, Attorney John Deaton believed that the decision by Coinbase at that time was due to its plan of going public.
Meanwhile, Coinbase has not stopped supporting Algorand even as they were labeled by SEC as security.
XRP Should End Crypto Tribalism Says Seedstarter Founder
In the latest remark by Attorney Morgan while reacting to Jesse Hynes’s Tweet, the founder of the equity crowdfunding platform Seedstarter. Hynes asked the XRP community t deceased from tribalism and sympathize with the victims of SEC’s lawsuit.
Contextually, the XRP community believed that the crypto community has neglected them after they were sued by Ripple in December 2020 for alleged violation of United States Security Laws.
According to Hynes, Coinbase, and Ripple would have done more than what they did at the beginning of XRP’s legal battle with the SEC.
He added that instead, the crypto community saw XRP and Ripple as 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
Top cryptocurrencies have started speaking out against SECs enforcement action with the suing of Coinbase and Binance and some other big crypto players.
Read Also: Garlinghouse Slams Critics Of XRP, Accusing Them Of Being Ignorant Of Security Laws.
Hynes Advocate For Peace
XRP community members have not made things easy for the recent victims of SEC’s legal action as they accused them of silence during the XRP’s legal battle.
However, Hynes believed that it is time for the XRP community members to deviate from criticism to become the bigger person in the scene.
In Hynes Speech. “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 the experiences everyone else is facing”.
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