XRP Excluded from Security Classification in SEC’s Case Involving Coinbase

The US Securities and Exchange Commission has initiated legal action against Coinbase, marking a significant development. This lawsuit follows closely on the heels of the SEC’s filing against Binance.

Both prominent cryptocurrency firms are facing substantial scrutiny, but an examination of the lawsuit against Coinbase uncovers some noteworthy aspects.

• One of the more intriguing aspects (or the absence thereof) in the SEC’s lawsuit against Coinbase is the enumeration of altcoins that they classify as securities.
• The filing states:

From the time of their initial offer or sale, each of these Crypto Asset Securities was offered and sold, and continues to be offered and sold today, as an investment contract and thus a security.

• Subsequently, the SEC identifies 13 altcoins (in a non-exhaustive list), which includes ADA, MATIC, SOL, among others. For the complete list, please refer to our latest report here.
• Interestingly, the SEC does not mention Ripple’s XRP at all. There is no reference to it whatsoever.
• It is worth noting that the SEC is also engaged in a legal dispute with Ripple, the entity behind XRP. The agency has asserted that Ripple has executed an unregistered sale of securities (XRP).
• It is entirely plausible that the SEC simply overlooked XRP in their recent claim, but this omission also invites speculation regarding the ongoing case against Ripple.

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