Morgan, an Australian-based legal counselor said despises Coinbase for how it treated XRP holders. the attorney went off his tweeter handle yesterday to express his dissatisfaction.
Lawyer Morgan noticed that while he completely upholds Coinbase’s claim against the SEC, he can’t fail to remember how the exchange treated XRP holders.
I do support @coinbase in its litigation with the SEC. I just don’t like them or forget what they did. I’m not in the ‘we are all friends now’ club
— bill morgan (@Belisarius2020) June 30, 2023
Coinbase Crimes Listed By Morgan
As indicated by Morgan, Coinbase unloaded “a pile of p**” on XRP holders by not circulating its Sirgbird(SGB) airdrop to users.
Another explanation lawyer Morgan despises Coinbase is that the network chose to delist XRP and not relist the coin. As mentioned by Morgan, the decision is not consistent with other crypto assets that the SEC marked as security that are yet listed on Coinbase. Moreover, the decision is likewise inconsistent with the exchange legal paper about secondary market trading.
8. Dumped 💩 on XRP holders by not distributing their SGB airdropped tokens,
9. Won’t resume trading of XRP on its exchange which is inconsistent with other tokens the SEC calls securities & inconsistent with statements in its own legal documents about secondary market trading— bill morgan (@Belisarius2020) June 30, 2023
Coinbase delisted XRP half a month after the SEC sued Ripple in December 2020, claiming that the cryptocurrency is a security. Remarkably, Coinbase has kept on disregarding calls to relist XRP despite the fact that it documented an amicus curiae brief supporting Ripple’s fair notification defense.
Read Also: Ripple vs SEC Lawsuit Sparks Increased Interest and Adoption of XRP
After two years, the SEC sued Coinbase for operating an unregistered security exchange. The SEC marked some crypto assets listed on Coinbase as security, including Solana (SOL), Polygon (MATIC), and Filecoin (FIL).
Nonetheless, Coinbase didn’t delist these coins very much as it did XRP a couple of years back. instead, the San Francisco-based exchange set up a shield on the side of crypto secondary market trading.
Responding to SEC’s Wells lawsuit, Coinbase asserted that secondary market exchanges of cryptos on Coinbase fail every one of the four prongs of the Howey test. The trade claims it follows a productive way to make sure that it doesn’t list tokens that incorporate security.
Morgan Consistency In Calling Out Coinbase
Strikingly, lawyer Morgan has kept on getting down on Coinbase for treating XRP differently than other tokens the SEC marks security. In May, Morgan got down on Coinbase for neglecting to apologize to XRP holders in the wake of delisting and not relisting XRP.
Last month, he likewise condemned the main trade for stopping XRP secondary market deals.
In the meantime, a few Ripple and XRP lovers have encouraged XRP holders to end the crypto tribalism by supporting Coinbase following its fight in court against the SEC. These enthusiasts defended Coinbase by tweeting the old proverb “The enemy of my enemy is my friend.”
However, the legal counselor said he isn’t in the “We are all friends now” club. Note, lawyer Morgan isn’t in that frame of mind to neglect Coinbase’s severe activities against XRP until the trade relists the coin once more.