SEC’s Verdict On Ripple’s Status Is Not Approaching Too Fast – Coinbase, Accused Of Price Manipulation
The SEC verdict on whether Ripple’s XRP is a security or not is not around the corner just yet, disappointing Ripple enthusiasts. According to the SEC, neither Ethereum nor Bitcoin is a security.
The decision coming from the SEC authorities has the digital currency’s fans really hopeful that the SEC will decide something similar for Ripple’s associated crypto XRP.
Coinbase is accused of price manipulation
The past week was not the easiest one for Ripple because you probably remember that it didn’t make it on Coinbase’s list of potential future listings once again.
As expected, XRP enthusiasts and investors received the news with angry faces, and they went so far as to claim that the exchange could be abusing its market power these days.
More than that, an XRP investor called Pete Dakin appealed to the Financial Industry Regulatory Authority (FINRA) to investigate Coinbase for potential price manipulation.
FINRA replied to Dakin’s tweet saying, “Thank you for bringing this to our attention.”
The crypto space from all over the world have been quite anarchic lately but some countries seem to start acting differently.
Today we are announcing that we’re exploring the addition of the following assets to Coinbase: Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC) and 0x (ZRX). https://t.co/qoECyR0V1f
— Coinbase (@coinbase) July 13, 2018
Governments from many Asian countries have started imposing rules and regulations on the crypto space. On the other hand, the European and American crypto sector seems to be unregulated for the moment.
Is Ripple’s XRP a security?
The authorities have started to take notice and considering that a few cryptos are accused of being securities the authorities will eventually have to come to a decision.
After SEC declared that Bitcoin and Ethereum are not securities this practically provided some guidelines.
These are basically describing how they access each crypto’s financial nature.
In other words, a coin which started via an ICO could be considered as a security and Ripple has never had one.
Others can be seen as similar to fiat currency and so on. But overall, the chances that the SEC classes XRP as a security as quite low, but we’ll have to wait and see what they eventually decide.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.