The Ongoing Battle for Economic Freedom in Crypto
With Coinbase at the forefront of defending cryptocurrency staking, a storm brews among its community regarding the exchange’s 2020 delisting of XRP. It’s a battle where principles—like economic freedom—clash with tactics that seem a little more self-preserving. Chief Legal Officer Paul Grewal made it clear that Coinbase’s staking program is safe and sound, unlike their rival Kraken’s, which Grewal claimed was more of a yield product than staking. But the internet had a different take, wondering if the real issue lay with the elephant in the room: XRP.
Armstrong’s Economic Freedom Rally Cry
In a dramatic proclamation on Twitter, Coinbase CEO Brian Armstrong vowed to protect economic freedom at all costs. He noted a lack of clear regulation in the staking landscape, lamenting, “Some days being the most trusted brand in crypto means protecting our customers from government overreach.” Well, it’s hard not to scratch your head when community members point out that the same ‘protection’ led to XRP being kicked to the curb.
Community Outcry: #ReListXRP
Twitter exploded with frustration about the absence of XRP on Coinbase. The fallout from this decision during Ripple’s ongoing legal spat with the SEC prompted users to shout out the hashtag #relistXRP. Many argued the SEC has yet to classify XRP as a security, so why the hold-up? Someone even questioned, “Is delisting XRP a good example of Coinbase protecting customers from government overreach?” Touché!
Learning From LBRY and Legal Precedents
As the chorus for XRP grows louder, recent legal developments surrounding LBRY Credits (LBC) may provide a glimmer of hope. The SEC acknowledged that LBRY’s secondary market sales do not classify as securities transactions, causing many to ask, “Why can’t Coinbase follow suit?” If Coinbase really believed in standing up to the SEC, why not utilize this precedent to reinstate XRP trading?
XRP: The Underdog with Staying Power
Despite being embroiled in legal challenges for several years, XRP continues to be a heavyweight of the crypto world. Launched in 2012, the cryptocurrency aimed to revolutionize financial transactions, especially for cross-border payments. Today, XRP is still ranked sixth among all cryptocurrencies, boasting a market cap close to $20 billion. Talk about resilience!
Conclusion: The Community’s Call to Action
As Coinbase champions the rights of staking participants, many crypto enthusiasts question whether a more inclusive approach, particularly around XRP, could demonstrate their commitment to true economic freedom. After all, in a world where governments often seem to interfere, shouldn’t exchanges reflect their users’ calls for support?
