The crypto money sector experienced a very significant decline on September 7, and due to this fall, the whole market fell under the fear and influence of the bear.
While the reason for the sudden decrease in the crypto money market was seen as the general market conditions at first, the subsequent coinbase The news actually revealed it all.
Threatened of Lawsuits to Coinbase, the Cup Overflowed
The veto of the US securities regulator, the SEC, on Coinbase’s interest-bearing product is not the only reason behind this.
It is also very important that the SEC requested documents about this product of Coinbase and stated that it may actually be an unlicensed sale of securities.
Prior to this product, Coinbase had launched a USDC-based product that did exactly that, and there was a fear that the exchange could be sued by the SEC.
Coinbase CEO Brian Armstrong also explained the situation in his post on Twitter and reacted to the SEC.
In fact, the SEC took action against Ripple in the past months and filed a huge lawsuit against Ripple. Coinbase, on the other hand, reacted by delisting XRP afterwards.
Now, one of the billionaire names of the crypto money industry, Mark Cuban has reacted to the situation. Cuban stated that the SEC is actually trying to do beauty by force, and this will affect new technologies. Cuban sent a message to both Ripple and Coinbase with the phrase “you must be aggressive”.
Some users emphasized that Coinbase should re-list XRP right here.
I think this would be a good time for Coinbase to publicly recognize that the SEC is overstepping and make the leap and realist XRP. Yes, you may face a lawsuit, but it’s time the crypto industry stand together and support each other. I stand with Coinbase and Ripple https://t.co/K94PwGOWLz
— Jesse Hynes (@jesse_hynes) September 8, 2021