Although the vast majority of the world’s leading cryptocurrency exchanges have stopped or paused the trading of XRP for American customers, Uphold broke this tradition and backed Ripple in a recent statement.
Despite the securities lawsuit filed over the past weeks against Ripple Labs and its founder, the exchange plans to continue listing XRP and continue trading transactions until a final decision is reached. Uphold CEO JP Thieriot made the following statement on Twitter:
“WE EXPECT OTHER EXCHANGES TO TAKE SUCH A STEP ALSO AND WE BELIEVE THAT THEY WILL TAKE. WE CONSIDER THAT IT IS WRONG TO DELIST XRP WITHOUT WAITING FOR THE FINAL DECISION MADE BY THE COURT AND WE WILL NOT TAKE A STEP IN THIS MATTER. ”
As Thieriot puts it, Uphold hopes “other exchanges will take a similar stance instead of adjudicating before the court’s decision.” However, Thieriot directly targeted other exchanges such as Binance, Bittrex, and Coinbase, which took preventative measures to avoid being in the SEC’s line of fire.
In addition, Uphold’s CEO pointed out the importance of the case for the entire crypto market. Thieriot hopes the process solution to the SEC / Ripple dispute can clear up the current uncertainty. The CEO of Uphold also criticized the SEC’s actions, speaking about the massive financial losses incurred by crypto investors as a result of the SEC’s action against Ripple. As Thieriot points out, the SEC is tasked with ensuring consumer protection and stopping “bad actors”. However, the case against Ripple Labs shows “a few riddles.”
In addition to Uphold, there are currently several other exchanges that adopt a “wait and see” approach to XRP. These include Indodax, BTC Markets, Bitrue, Revolt, and Biteeu.
In addition, although the crypto application Abra was among the platforms that decided to remove XRP from the list, CEO Bill Barhydt expressed his support for Ripple. He believes that both the SEC and Ripple have made mistakes, so the most likely outcome of the dispute, according to him, is that the district judge will force both sides to a settlement. In particular, Barhydt, like Thieriot, sees the long hesitation of the SEC as a factor that could work in Ripple’s favor:
“THE PROBLEM I HAVE IN SEC SIDE IS THE EIGHT YEAR WAITS. THIS IS CRAZY FOR ME. […] NOW YOU CAN HAVE SOMETHING THAT BEGAN AS A SALE OF SECURITIES AND FINALLY BECOME A META. BUT IT WAS NOT WHAT HE SAYED WHAT THEY RIPPED. THEY SAY THAT IT IS ONLY A COMMODITY SALE, SO BOTH SIDES TAKE IT TOTALLY WRONG. They should have made it six years ago. “