The recent meeting between Ripple’s General Counsel Stuart Alderoty and Coinbase’s Chief Legal Officer Paul Grewal has sparked renewed speculation within the XRP community about a potential relisting of XRP on the major U.S. exchange. While some investors view this high-level legal discussion as a promising development, a prominent crypto attorney has cast doubt on any immediate changes.
Why the Alderoty-Grewal Meeting Won’t Trigger an XRP Relisting
Despite growing optimism, Australian-based pro-crypto lawyer Bill Morgan firmly believes that a Coinbase XRP listing will not follow the meeting between the two legal executives.
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“No, a Coinbase XRP listing will not follow,” Morgan stated unequivocally on social media, addressing the widespread rumors head-on.
Morgan, who has closely monitored the SEC vs. Ripple litigation since its inception, argues that Ripple has not taken key steps that would incentivize Coinbase to reconsider its position—specifically, Ripple’s refusal to integrate XRP into Coinbase’s Liquidity Hub service. This omission, according to Morgan, signals a lack of cooperation that undermines any expectation of relisting.
Instead, he suggests the meeting was more likely focused on broader regulatory strategy. Topics may have included Ripple’s potential support for Coinbase’s petition to the SEC for a Writ of Mandamus—a legal move aimed at compelling regulatory action—or collaboration on defending against the SEC’s ongoing enforcement actions.
Coinbase’s Unique Stance on XRP vs. Other Alleged Securities
One of the most critical points Morgan highlights is Coinbase’s continued differential treatment of XRP compared to other digital assets the SEC has labeled as securities.
“Coinbase’s different treatment of XRP (halting secondary market sales on its exchange), than any other digital asset traded on its exchange that the SEC has alleged in its lawsuits are securities, will continue.”
This distinction is significant. While the SEC has pursued actions against multiple cryptocurrencies—including Ethereum-based tokens—Coinbase has allowed secondary trading for many of these assets despite the allegations. Yet XRP remains uniquely restricted.
This selective enforcement raises questions about whether Coinbase is applying a higher risk threshold specifically to XRP, possibly due to the high-profile nature of the Ripple case or internal compliance policies tied to its 2021 IPO.
The 2021 Delisting: A Decision Rooted in Regulatory Caution
To understand the current stalemate, it’s essential to revisit the origins of XRP’s absence from Coinbase.
In January 2021, shortly after the SEC filed a lawsuit against Ripple Labs, CEO Brad Garlinghouse, and co-founder Chris Larsen for allegedly conducting an unregistered securities offering, Coinbase announced it would suspend XRP trading.
“In light of the SEC’s recent action against Ripple Labs, Inc., Coinbase plans to suspend trading in XRP on Tuesday, January 19, 2021, at 10 AM PST,” the company said in an official statement.
This decision was precautionary, aimed at minimizing legal exposure during a period of regulatory uncertainty. Unlike some other exchanges that resumed XRP trading after court rulings clarified aspects of the case, Coinbase has maintained its position—despite evolving legal developments.
Did IPO Timing Influence the Decision?
Legal analyst John Deaton, founder of CryptoLaw, has suggested that Coinbase’s IPO timeline played a role in its cautious approach. As the exchange prepared for its public debut in 2021, minimizing regulatory risk became a top priority.
Delisting XRP may have been a strategic move to present a compliant and conservative posture to regulators and public investors alike.
Similarly, attorney Hogan has argued that Coinbase’s continued exclusion of XRP could undermine its own “fair notice” defense if it faces future SEC enforcement. By treating XRP differently without clear justification, Coinbase might struggle to argue that it acted reasonably under uncertain regulatory guidelines.
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What Would It Take for XRP to Return to Coinbase?
Several key factors would need to align before Coinbase considers relisting XRP:
- Clear Regulatory Clarity: A definitive ruling from the SEC or a court confirming that XRP is not a security in all contexts.
- Ripple’s Proactive Engagement: Formal integration of XRP into services like Liquidity Hub or direct API support.
- Market Demand & Institutional Interest: Sustained pressure from institutional clients and retail users.
- Competitive Pressure: As other major exchanges list or relist XRP, Coinbase may face increasing pressure to follow suit to remain competitive.
Until then, Morgan’s assessment remains grounded in legal and operational realism: no meeting alone is enough to override compliance frameworks and risk management protocols.
FAQ: Common Questions About XRP and Coinbase
Q: Has Coinbase ever supported XRP trading before?
A: Yes. Coinbase previously listed XRP but suspended all trading and wallet services for the token in January 2021 following the SEC lawsuit against Ripple.
Q: Why does Coinbase treat XRP differently from other tokens labeled as securities?
A: While the SEC has targeted multiple crypto assets as securities, Coinbase continues to allow secondary market trading for many of them. The exchange has not publicly explained why XRP is treated more restrictively.
Q: Did Ripple lose its case against the SEC?
A: No. In July 2023, a U.S. district court ruled that XRP is not inherently a security when sold to retail investors on exchanges. However, institutional sales were deemed unregistered securities offerings.
Q: Can users still hold XRP on Coinbase?
A: No. After the suspension, Coinbase removed XRP from user wallets and does not support deposits, withdrawals, or trading of the asset.
Q: Will Coinbase relist XRP if the SEC drops its appeal?
A: Not necessarily. Even if legal pressure eases, Coinbase will likely conduct its own internal review before making any listing decision.
Q: Are there alternatives to buying XRP in the U.S.?
A: Yes. Several U.S.-compliant exchanges such as Kraken and Gate.io offer XRP trading for American users.
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Conclusion: No Short-Term Path to Relisting
While the meeting between Alderoty and Grewal underscores ongoing dialogue between major crypto players, it does not signal an imminent change in Coinbase’s stance on XRP.
Legal precedent, corporate risk management, and strategic alignment all play crucial roles—and none currently favor a quick relisting. For now, investors should temper expectations and focus on broader regulatory trends that may eventually shift the landscape.
Until clearer signals emerge, Bill Morgan’s assessment stands: a Coinbase XRP listing will not follow this meeting.
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