Uphold has decided to continue listing XRP unless and until the SEC’s complaint against Ripple is adjudicated to legally determine that XRP is currently a security, or until trading volume dissipates to a point where we can no longer support XRP.
We trust that other exchanges will adopt a similar stance rather than rushing to judgment ahead of the court’s decision.
Today, the SEC’s complaint is an allegation and due process needs to take place through the U.S. courts before any precedential judgment enters the body of U.S. law.
A vital part of the SEC’s remit is the protection of consumers. It is hard to see how a judgment rendering XRP essentially worthless and inflicting billions of dollars of losses on retail investors who purchased XRP in good faith would square with that remit. We remain hopeful of a sensible resolution.
We hope that the outcome will both set the goalposts for token offerings going forward and dispel longstanding uncertainty for the industry. The first pre-trial hearing takes place on February 22 before the United States District Court for the Southern District of New York, and we will be following the case closely.