Coinbase Legal Officer Outlines Steps for XRP Relisting
According to Paul Grewal, even if the judge rules in favor of Ripple, Coinbase will still need to make some assessments before relisting XRP.
Paul Grewal, Chief Legal Officer (CLO) at Coinbase, recently outlined conditions on which Coinbase will relist XRP, Ripple’s native token. Coinbase suspended trading for the asset shortly after the genesis of the Ripple vs. SEC case and has kept it suspended ever since despite calls for it to review the decision.
Grewal made his latest remarks on the issue in an interview today with Thinking Crypto, a crypto-focused YouTube podcast channel. The comments were further highlighted on Twitter by Crypto Law, a legal news media outlet for digital assets founded by attorney John Deaton.
On @ThinkingCrypto1, Coinbase legal officer @iampaulgrewal lays out the legal steps for possible restart of #XRP trading on their exchange 👇🏻 pic.twitter.com/UwVt3aKeCs
— CryptoLaw (@CryptoLawUS) March 16, 2023
Responding to an inquiry from Thinking Crypto host Tony Edward, Grewal revealed that Coinbase might resume XRP trading if the judge makes a ruling in Ripple’s favor. Still, the decision will depend on several factors, which include:
- the Judge’s legal reasoning for delivering the judgment,
- the basis for the ruling,
- and Coinbase’s assessment of the situation to know whether the decision will be repealed or affirmed by the appeal court.
Speaking further, Grewal added, “A lot is going to depend on the particulars of how that court rules. I know that’s not going to be terribly satisfying to some, but we do have a responsibility as a publicly listed company to tread carefully in this area and with respect to any token that’s a subject of federal court litigation.”
Recall that Coinbase announced on Dec. 28, 2020, that it plans to suspend trading for XRP on its platform, citing the SEC’s lawsuit against Ripple, which began on Dec. 26 of that year. Despite the dynamics of the 2-year litigation, Coinbase has not resumed trading for XRP, although the asset can still be found on the platform.
During the Thinking Crypto interview, Grewal commended Ripple’s efforts at mounting a strong defense against the SEC’s charges. He noted that Coinbase had to file its amicus brief in Ripple’s favor last year because he was completely persuaded by the Ripple defense’s argument.
Grewal further mentioned that he hopes the court sees that the SEC has some holes in its theories. Notwithstanding, he asserted that the case could last for much longer because whoever loses will take up the judgment in the appeal court. Coinbase has also had its legal run-ins with the SEC as the agency classifies some of its listed assets as securities.