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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- May 17, 2023 13:55 UTC
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Ripple CTO Schwartz Breaks Silence On Coinbase Controversy
Ripple CTO David Schwartz addresses accusations that Ripple paid Coinbase to list XRP.
The allegations originally surfaced in a 2018 Bloomberg report and gained renewed attention recently, sparking controversy.
The ongoing legal battle between Ripple and SEC adds uncertainty to Coinbase’s stance on XRP.
David “JoelKatz” Schwartz, the Chief Technology Officer of Ripple, has stepped forward to confront the lingering suspicions and doubts about Ripple’s relationship with Coinbase, one of the leading crypto exchanges.
Ripple’s Relationship With Coinbase
The accusations, suggesting that Ripple had incentivized Coinbase to list XRP, its native token, originally surfaced in a Bloomberg report from 2018. The story has found renewed life in the wake of Judge Analisa Torres’ latest ruling in the ongoing legal battle between Ripple and the Securities and Exchange Commission (SEC).
Amidst the resurfacing controversy, a Twitter account called ScamDetective, self-described as an on-chain scam detective, reignited the debate by asking: “How much does everyone think Ripple paid Coinbase to list XRP?”
Schwartz Responds to Allegations
Schwartz replied to the tweet, conveying his thoughts, and expressing his regret over being unable to share the real story behind Coinbase’s listing of XRP. His cryptic remark has only added more fuel to the speculative fire.
Coinbase’s Stance On XRP
Jeremy Hogan, a lawyer who supports XRP, has shed light on the reasons preventing Coinbase from reinstating XRP to its platform. The exchange had removed XRP from its listings, along with Bitcoin Cash and Ethereum Classic, back in November 2022.
Ripple vs. XRP: The Implications
Hogan asserts that the current legal limbo around Ripple’s status is likely causing Coinbase’s hesitation. With the final judgment in the Ripple vs. SEC case still pending, the exchange seems to be taking a cautious stance. The precise timing of Judge Torres’ Summary Judgment remains uncertain, though Ripple’s CEO Brad Garlinghouse anticipates the case reaching its conclusion by or before the end of September 2023.
Hogan has highlighted that a loss for Ripple in its lawsuit could have significant ramifications for Coinbase. The exchange’s ongoing legal battle with the SEC could be negatively impacted if it were to relist XRP and Ripple and then lose their case.
“Well if Ripple were to lose, it’d put them on their back heel in their pending litigation,” Hogan stated.
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