tl;dr
Major exchanges delisted XRP but not ETH after the SEC's lawsuit in 2020. Despite the SEC considering ETH a security, leading trading platforms have not delisted it. This has sparked debate in the digital asset community, with some calling for ETH's delisting and accusing exchanges of double standar...
Major exchanges delisted XRP but not ETH after the SEC's lawsuit in 2020. Despite the SEC considering ETH a security, leading trading platforms have not delisted it. This has sparked debate in the digital asset community, with some calling for ETH's delisting and accusing exchanges of double standards.
The SEC's classification of Ethereum as a security has led to legal action from Consensys, a major supporter of the Ethereum blockchain, to challenge this designation.
Highlights:
- Major exchanges were called out for delisting XRP but not ETH.
- In 2020, leading trading platforms delisted XRP after the SEC’s lawsuit.
- The SEC considers ETH a security, but none of the exchanges have delisted the token.
- Crypto enthusiasts called out these exchanges for “double standards,” adding that these platforms are showing their “true colors now.”
After the United States Securities and Exchange Commission (SEC) sued Ripple over XRP offerings in 2020, multiple exchanges delisted the digital asset to comply with the regulator’s wishes. Meanwhile, Ripple has been continuously pushing back, securing a partial victory in 2023.
As pointed out in an X post by “Digital Asset Investor,” Binance US, Crypto.com, Bittrex, B2C2, OKCoin, Genesis, Coinbase, Swipe Wallet, Ziglu, and Bitstamp delisted XRP in 2020 after the SEC’s lawsuit. In the same post, they asked these exchanges regarding the delisting of ETH since the SEC considers it a security.
It is important to note that SEC Chair Gary Gensler has stated multiple times in the past that Bitcoin is a commodity while Ethereum is a security, as per US securities laws and the Howey test. On the other hand, Consensys, a major backer of the Ethereum blockchain, filed a lawsuit against the SEC in Texas federal court on Thursday to resolve the long-standing dispute, emphasizing that ETH is not a security.
Consensys stated that the SEC’s “unlawful seizure of authority over ETH would spell disaster for the Ethereum network,” as per a Bloomberg report.
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