Uphold, a crypto exchange operator and payments processor announced in a press release on Monday that it will not be delisting XRP despite its ongoing woes with the SEC. According to the post, Uphold will only delist XRP if the SEC’s complaint against Ripple is ‘adjudicated to determine that XRP is currently a security, or until volumes dissipate to a point they can no longer support XRP’.
XRP has had quite a rough season despite the bullish run through the Christmas break; most of its shortcomings can be attributed to a recent SEC lawsuit against Ripple which claims that XRP falls in the category of market securities. This uncertainty plunged XRP’s price from highs of 0.57 to a range below 0.25 as of press time.
While some crypto exchanges like Coinbase, Binance U.S, eToro, and Bitstamp have already delisted XRP, not all players have acted in the same faith. Uphold, which touts a cumulative $8 billion in trading volumes is among the exchange service providers that have decided to continue to list XRP. Even today the largest digital asset manager, Grayscale, eliminated XRP from its Fund.
In its defense, the firm further questioned whether the SEC is really protecting users, or doing the exact opposite.
The press release reads,
“A vital part of the SEC’s remit is the protection of consumers. It is hard to see how a judgment rendering XRP essentially worthless and inflicting billions of dollars of losses on retail investors who purchased XRP in good faith would square with that remit. We remain hopeful of a sensible resolution.”
JP Thieriot, the CEO of Uphold, had expressed similar sentiments last week in a Twitter post where he also cautioned on the overall market impact of rushing to judge XRP. With the XRP pre-trial set for February 22 in a Southern New York District Court, Uphold noted that they trust other exchanges to take a similar stance before then,
“We trust that other exchanges will adopt a similar stance rather than rushing to judgment ahead of the court’s decision.”
