{"id":531038,"date":"2023-05-10T20:00:36","date_gmt":"2023-05-10T20:00:36","guid":{"rendered":"https:\/\/uniquehot.com\/?p=531038"},"modified":"2024-06-11T07:55:17","modified_gmt":"2024-06-11T07:55:17","slug":"algo-stands-tall-coinbase-legal-officer-discusses-its-continued-listing","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ripple\/algo-stands-tall-coinbase-legal-officer-discusses-its-continued-listing\/","title":{"rendered":"ALGO Stands Tall: Coinbase Legal Officer Discusses Its Continued Listing"},"content":{"rendered":"

Chief Legal Officer of Coinbase, Paul Grewal, spoke to lawyer John Deaton, host for the Twitter-based podcast CryptoLaw, regarding the exchange’s decision to continue offering Algorand (ALGO).\u00a0<\/span><\/p>\n

The U.S. Securities and Exchange Commission (SEC) earlier classified Algorand as a security in its charges <\/a><\/span>against the Bittrex<\/span> crypto exchange.<\/span><\/a><\/p>\n

Related Reading: PEPE Token Futures Cast Gloom For Investors As Prices Plummet By 45%<\/a><\/div>\n

Notably, Coinbase delisted XRP based on regulatory scrutiny in 2021. But it has yet to do the same with ALGO, even as the cryptocurrency faces a similar issue.<\/p>\n

Paul Grewal Explains Coinbase Position On Algorand<\/h2>\n

In his interview<\/a>, John Deaton discussed the confusion among XRP’s community regarding Coinbase’s approach to making and reviewing listing decisions.\u00a0<\/span><\/p>\n

Paul Grewal stated that secondary sales of assets do not make them securities. However, Deaton believes that the same argument regarding secondary sales applies to XRP tokens.\u00a0<\/span><\/p>\n

According to Deaton, XRP’s suspension from trading on Coinbase was due to the argument that <\/span>the token is a security under U.S. law<\/span>.\u00a0<\/span><\/p>\n

However, Coinbase still offers ALGO to traders, frustrating XRP holders who feel penalized. <\/span>In response, Grewal reiterated Coinbase\u2019s commitment to upholding the rule of law equally for everyone. He <\/span>sympathized <\/span>with the plight of XRP holders who believe that a double standard applies to various situations.\u00a0<\/span><\/p>\n

Further, Grewal states that laws and circumstances changed and referred to Coinbase’s <\/span>amicus brief<\/span><\/a> supporting Ripple in November 2022. He believes crypto exchanges and projects must “team up to withstand a solid adversary,” the U.S. SEC.\u00a0<\/span><\/p>\n

According to Grewal, the SEC is not “above mistakes” in interpreting the law, and the recent enforcements from the body are <\/span>politically motivated<\/span>.\u00a0<\/span><\/p>\n

Teamwork Necessary Moving Forward<\/h2>\n

These remarks come after a meeting between <\/span>Paul Grewal and Ripple\u2019s General Counsel<\/span><\/a>, Stuart Alderoty. John Deaton remarked that the meeting showed two great General Counsels leading the front line in the battle to improve crypto regulation in the United States.\u00a0<\/span><\/p>\n

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Two great GCs leading the front line in battle. I tip my \ud83e\udde2 Gents. https:\/\/t.co\/YYVBf5wl5h<\/a><\/p>\n

— John E Deaton (@JohnEDeaton1) May 3, 2023<\/a><\/p><\/blockquote>\n