The Uphold exchange and payment service makes a decision against the tide. There is no question of suspending XRP, which is the subject of an SEC complaint. The crypto service chooses to wait for justice to decide.
It’s a choice that Ripple and XRP token holders would probably have liked to see adopted more widely. Unlike many crypto services in the United States, such as Coinbase or Binance, Uphold decides to keep XRP.
As an online platform for crypto and exchange payments, Uphold announces that its token policy remains unchanged. If the token is to be withdrawn, it will only be withdrawn at the end of the current legal proceedings.
“Uphold has decided to continue listing XRP until the SEC complaint is ruled in favor of the SEC and XRP is considered a security today (or the volume of trading dissipates to the point where we can no longer support XRP),” writes the exchange.
The exchange is also in line with Ripple’s line. The token cannot be qualified as a security today. This definition belongs to the SEC alone. Uphold also encourages other exchanges to be more weighted.
“We hope that other exchanges will adopt a similar position rather than rushing to judge before the court’s decision,” the company said. The decisions of the major exchanges, however, seem to prove him wrong at this point.
Since the announcement of the SEC’s complaint, the value of XRP has been plummeting with a loss of more than 50%. However, a certain stabilization is taking place. Nevertheless, the reaction of various exchanges to this action has contributed to accentuating the decline in the token.
These decisions are a matter of (excessive?) caution in the face of a potential legal risk. A final judgment on the status of the XRP is not yet in sight. The first hearing between Ripple and the SEC will be held on February 22.
The consequences, however, are immediate for token holders. Token holders are trying to mobilize. An official petition has been opened on a U.S. government website.
Investors are also taking legal action to try to influence the SEC’s decision. The plaintiffs are seeking a change in the position of interim Chairman Elad Roisman from that of his predecessor, Jay Clayton.