In light of recent events, prominent lawyer Bill Morgan explains why his sentiment towards Coinbase has shifted following the XRP delisting and ongoing legal actions against the SEC.
Change in Bill Morgan's Sentiment Towards Coinbase
Bill Morgan, a lawyer known for his support of XRP, stated that it is becoming increasingly difficult to remain angry at Coinbase due to their actions regarding the XRP delisting. Morgan noted that the relationship between the exchange and the XRP community has been strained since the delisting but sees a positive shift in Coinbase's activities towards the SEC. Quoting Morgan: "You really are making it very difficult to be permanently angry with Coinbase for delisting XRP."
Coinbase's Legal Battle with SEC
Coinbase is actively engaged in a legal battle with the SEC following revelations that critical records related to cryptocurrency regulatory decisions were destroyed. Coinbase claims that the destruction of records, including text messages from senior SEC officials, undermines their legal strategy. The exchange is demanding greater transparency and access to documents to understand the internal decision-making process of the SEC.
Coinbase's Strategic Reduction in XRP Holdings
Recent data shows that Coinbase has reduced its XRP holdings in cold wallets by 16.5 million XRP, prompting discussions about potential changes in the exchange's asset management strategy. This reduction may indicate a reevaluation of Coinbase's policies in the face of increasing regulatory risks and market volatility.
Bill Morgan's changing sentiment about Coinbase and the exchange's actions regarding the SEC highlight the ongoing changes in the cryptocurrency landscape and the challenges faced by active participants in this market.
