With Ripple facing serious legal fees for the associated XRP token, several cryptocurrencies have decided to remove the support for the coin until the cases are settled.
However, GateHub, a UK cryptocurrency gateway service, has decided to continue listing XRP.
According to the January 12 announcement, GateHub will not depreciate XRP unless a decision requires the US Securities and Exchange Commission:
Please note that GateHub Ltd. will continue to list XRP until the Securities and Exchange Commission (SEC) makes a decision on the complaint against Ripple and a final decision is made to classify XRP correctly as “safe”, or until we receive a notice of termination and abstinence from the SEC. … ”
GateHub said that the decision to keep XRP on the platform came after careful investigation of an SEC complaint against Ripple which claimed that the company sold XRP as an unauthorized warranty. GateHub has expressed optimism about the future of XRP and says that the company is confident that XRP is not a defense:
We never thought XRP was “safe” according to the “Howey” test that was widespread in the United States, and we look at XRP primarily as a “tool” symbol, and the value is based on use in payments and foreign exchange. And we have not personally witnessed any marketplace misconduct by Ripple Labs or its CEOs.
The company further said that appropriate enforcement measures should be applied to Ripple if US authorities determine that Ripple and its affiliates have defrauded investors. But it is far from the SEC’s lawsuit that classifies XRP as a security method, GateHub said, emphasizing that the move could have serious consequences for investors who have done nothing wrong.
GateHub’s decision to keep XRP on the platform is another development in a chain of events after the SEC filed a $ 1.3 billion lawsuit against Ripple on December 22, 2020. A number of major crypto companies, including Coinbase, Binance.US and OKCoin, have filed a lawsuit. Later. XRP has been removed from the list, while some companies such as Uphold and now GateHub have chosen to keep XRP pending legal action.
As Cointelegraph mentioned earlier, Binance.US is preparing to remove XRP today. On January 11, the CEO of Bakkt, one of the largest cryptocurrency companies in the United States, announced that the company will not include XRP in the product list.