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.
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 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.
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.
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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