- Renowned lawyer expresses his disappointment with Coinbase.
- He does not agree with how the platform treats XRP and its community.
- Despite this he is still rooting for Coinbase to win against the SEC.
Renowned lawyer Bill Morgan recently got recognized for publicly criticizing the popular cryptocurrency exchange Coinbase. Specifically, Morgan dissed Coinbase on Twitter for its treatment of XRP and its community.
As we can see from the tweet above, Morgan sheds light on two major concerns. According to this tweet, Morgan expresses his discontent with Coinbase. Here, he emphasises two specific issues leading to his disappointment in Coinbase.
Firstly, he highlights Coinbase’s alleged failure to distribute Songbird (SGB) airdrop tokens to XRP holders. This omission has left XRP holders disappointed and feeling neglected by the exchange.
Secondly, Morgan raised questions about Coinbase’s decision to delist XRP following the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple in 2020. Despite filing a supporting brief for Ripple’s fair notice defense, Coinbase has refrained from relisting XRP.
This action comes off as a weird move. More so when considering how it is an inconsistent move in the eyes of Morgan. After all, other crypto assets deemed securities by the SEC, such as Solana (SOL), Polygon (MATIC), and Filecoin (FIL) remain to be listed on Coinbase.
To Morgan, these concerns have fueled speculation about Coinbase’s treatment of XRP. In fact, it goes on to raise doubts about the potential biases against the digital asset and its community.
So far, Coinbase has argued that secondary market transactions of cryptocurrencies on its platform do not meet the criteria of the Howey test. This determines if an asset is a security, some Ripple and XRP enthusiasts have called for unity with Coinbase in its legal battle against the SEC.
However, Morgan remains firm in his criticism and is not willing to embrace reconciliation until Coinbase addresses its actions towards XRP holders and reinstates XRP on its platform. According to Morgan, he is not part of the “we are all friends now” club and will not forget Coinbase’s actions against XRP until the exchange relists the digital asset. Yet, in a following tweet he makes it clear that he is still rooting for Coinbase to win against the SEC.
