The XRP community continues to buzz over a recent meeting between top legal executives from Coinbase and Ripple—yet one prominent crypto attorney is casting serious doubt on speculation that the encounter could lead to a relisting of XRP on the major exchange.
Stuart Alderoty, General Counsel at Ripple, and Paul Grewal, Chief Legal Officer at Coinbase, recently met amid growing anticipation within the digital asset space. Some enthusiasts interpreted the interaction as a potential turning point for XRP’s return to Coinbase, where trading was suspended in January 2021 following an SEC lawsuit against Ripple.
However, according to Australian-based cryptocurrency lawyer Bill Morgan, there’s little reason to believe a Coinbase XRP listing will follow.
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Why a Coinbase XRP Relisting Remains Unlikely
Morgan, a seasoned legal analyst who has closely followed the SEC vs. Ripple case, firmly stated:
“No, a Coinbase XRP listing will not follow.”
His skepticism stems from both strategic and legal considerations. One key factor he highlighted is Ripple’s own decision not to include XRP in its newly launched Liquidity Hub—a service designed to provide institutional-grade liquidity solutions for digital assets. If Ripple itself isn’t prioritizing XRP integration into its own financial infrastructure, Morgan argues, it’s unrealistic to expect Coinbase to take the risk of relisting it.
Instead, Morgan believes the discussion between Alderoty and Grewal likely centered on broader regulatory challenges facing the crypto industry—particularly Coinbase’s ongoing legal battles with the SEC. The exchange has filed multiple petitions, including a Writ of Mandamus, seeking judicial intervention against what it views as overreach by the regulatory body.
It's plausible, Morgan suggests, that Ripple offered legal insights or support related to these efforts—especially given their shared interest in pushing back against unclear securities regulations.
“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 quote underscores a critical point: despite the partial victory Ripple achieved when a judge ruled that XRP is not inherently a security when sold to retail investors, Coinbase continues to treat XRP differently from other contested tokens like SOL or ADA.
The History Behind Coinbase’s XRP Suspension
To understand why relisting remains off the table, it’s essential to revisit the timeline.
In January 2021, shortly after the SEC filed charges 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 stated in an official blog post.
Since then, despite shifts in regulatory sentiment and Ripple’s favorable rulings in court, Coinbase has maintained its stance. Even after submitting an amicus brief supporting Ripple’s argument that the SEC failed to provide “fair notice” about which assets qualify as securities, the exchange has not moved to restore XRP trading.
This inconsistency has sparked debate. Some legal experts suggest Coinbase’s caution was driven by its preparation for a public listing. CryptoLaw founder John Deaton has argued that fear of regulatory backlash during its IPO process made Coinbase especially risk-averse in 2021—and that aversion persists.
Others, like attorney James Hogan, believe the decision may actually weaken Coinbase’s own legal position. By selectively delisting XRP while continuing to list other assets under SEC scrutiny, the exchange could be seen as acknowledging guilt-by-association—an argument that might undermine its defense in future enforcement actions.
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FAQ: Understanding the Coinbase-XRP Standoff
Q: Did Ripple lose its case against the SEC?
A: No. In July 2023, a U.S. District Court ruled that XRP is not a security when sold to retail investors on public exchanges, though institutional sales were deemed unregistered securities offerings. This partial win strengthened Ripple’s position but didn’t force exchanges to relist XRP.
Q: Why hasn’t Coinbase relisted XRP if the court ruled in Ripple’s favor?
A: Regulatory uncertainty remains. Even with favorable rulings, Coinbase operates under strict compliance protocols. Until the SEC provides explicit guidance or drops enforcement concerns, major U.S.-based platforms tend to err on the side of caution.
Q: Can other exchanges list XRP even if Coinbase doesn’t?
A: Yes. Several global platforms—including Kraken, Bitstamp, and OKX—already support XRP trading. International exchanges often face less direct pressure from U.S. regulators, allowing them more flexibility.
Q: Is there any legal obligation for Coinbase to relist XRP?
A: No. Exchanges have full discretion over which assets they list. While user demand is high, Coinbase isn’t legally required to offer any specific cryptocurrency.
Q: Could Coinbase change its mind in the future?
A: It’s possible—but only if there’s definitive regulatory clarity from the SEC or a broader shift in enforcement policy. Until then, internal risk assessment will likely keep XRP off the platform.
Q: What is the Liquidity Hub, and why does it matter?
A: Ripple’s Liquidity Hub is a B2B service enabling financial institutions to access seamless cross-border payments using digital assets. Morgan pointed out that XRP isn’t currently integrated into this system, suggesting even Ripple sees limited utility for XRP in certain institutional contexts—a signal to cautious exchanges.
What This Means for XRP Investors
For holders and supporters of XRP, the takeaway is clear: legal progress doesn’t always translate into immediate market access. While Ripple has made significant headway in challenging the SEC’s broad interpretation of securities law, real-world adoption still hinges on risk tolerance—not just court rulings.
Coinbase’s continued exclusion of XRP reflects a conservative compliance strategy shaped by regulatory exposure, IPO sensitivities, and precedent-setting litigation risks.
That said, momentum is shifting. As more courts demand clearer rules from regulators and institutional interest grows, pressure on exchanges like Coinbase may intensify. But until then, investors should focus on platforms where XRP is already available and monitor official statements—not speculation—for future updates.
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Final Thoughts
The meeting between Ripple and Coinbase legal teams may have been cordial and constructive—but it doesn’t signal a policy reversal. As Bill Morgan rightly points out, actions speak louder than meetings.
Until Ripple integrates XRP more fully into its enterprise solutions and until U.S. regulators offer unambiguous guidance, a Coinbase XRP listing remains unlikely.
For now, the ball remains in Washington’s court—not San Francisco’s.
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