Coinbase, one of the largest crypto exchanges, has recently applied with the U.S. Securities and Exchange Commission to get listed on the stock market. With these moves, there is an announcement stating that Coinbase to suspend XRP trading due to the recent lawsuit that Ripple is facing. The U.S. SEC has filed a lawsuit against Ripple for offering $1.3 billion of unregistered securities. Due to this, many exchanges have either delisted or suspended XRP trading for their exchanges. If the SEC wins this lawsuit, there will be a huge trouble for Ripple as well as exchanges that are trading XRP. Coinbase to Suspend XRP Trading Completely from January 19 Coinbase to suspend XRP trading completely on January 19, 2020. However, it has already moved to a specific limit from Monday, December 28, 2020. As mentioned above, the major reason behind suspending trading is the lawsuit and Coinbase’s plans to get listed on the stock market. It will become the first major U.S. based crypto exchange that will get listed on the stock market. Hence, it is extremely efficient for the firm to stay away from all the dark clouds that might affect its listing on the market. Two Ripple Executives Are Also Charged for Personal Gains As SEC has charged Ripple for offering unregistered securities, it has also charged two of its executives. Brad Garlinghouse, CEO of Ripple, and Chris Larsen, Co-founder of Ripple, are charged by the SEC for making personal gains by offering unregistered securities. For a long time now, XRP was the third-largest cryptocurrency as per the market cap after Bitcoin and Ethereum. The firm has completely denied these accusations by claiming that XRP is more like an alternative to Bitcoin and Ethereum and not a security. It is yet to be seen who will win the lawsuit and what will be its impact.
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