Following the U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple Labs, Inc., Coinbase has suspended trading for Ripple (XRP). The cryptocurrency exchange platform announced it will cease all XRP-related services after 10:00 AM PST on Tuesday, January 19, 2021.
Key Updates and Timeline
- December 22, 2020: The SEC initiated legal action against Ripple Labs, Inc., alleging the company engaged in an unregistered $1.3 billion securities offering.
- December 28, 2020: Coinbase imposed trading restrictions on XRP. Users retained the ability to withdraw or deposit XRP from their wallets.
- January 19, 2021: Coinbase will fully discontinue XRP support unless Ripple Labs resolves the SEC investigation favorably.
Implications for XRP Holders
Coinbase clarified in its official blog post that all XRP-related activities—including holding, trading, and airdrops—will undergo significant changes in the coming weeks. The platform may halt services earlier if market conditions necessitate it.
👉 Learn how to secure your XRP holdings before the deadline
SEC’s Stance on Ripple
SEC Enforcement Division Chief Stephanie Avakian emphasized that issuers must comply with federal securities laws, including registration requirements, unless exempted. The case highlights regulatory scrutiny over cryptocurrency offerings deemed as securities.
FAQ Section
Q: Can I still withdraw XRP from Coinbase after January 19?
A: No. After the deadline, XRP withdrawals and deposits will no longer be supported.
Q: Will XRP trading resume if Ripple wins the SEC case?
A: Coinbase has not confirmed this, but reinstatement depends on regulatory clarity.
Q: Are other exchanges delisting XRP?
A: Several platforms have followed Coinbase’s lead, but policies vary by exchange.
👉 Explore alternative platforms for XRP trading
Key Takeaways
- Core Keywords: Coinbase, Ripple (XRP), SEC lawsuit, cryptocurrency regulation, trading suspension.
- Action Required: XRP holders should secure assets before January 19, 2021.
- Regulatory Impact: The case underscores the SEC’s focus on enforcing securities laws in crypto markets.
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