The debate over whether XRP should be relisted on major U.S. cryptocurrency exchanges has intensified, with Coinbase’s Chief Legal Officer Paul Grewal recently addressing the topic in a high-profile interview. Speaking on Real Vision’s Crypto Daily Briefing hosted by Ash Bennington, Grewal provided crucial insights into Coinbase’s stance on XRP and the broader regulatory landscape shaping digital asset listings.
As one of the most anticipated developments in the crypto space, the potential relisting of XRP on Coinbase carries significant implications for market accessibility, investor sentiment, and regulatory clarity. With XRP currently ranked as the sixth-largest cryptocurrency by market capitalization, its absence from the largest U.S.-based exchange has been a point of contention within the community for years.
The Background: Why Was XRP Delisted?
In December 2020, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs, alleging that its sale of XRP constituted an unregistered securities offering. In response, Coinbase suspended trading and delisted XRP in January 2021 to mitigate legal risk.
This move mirrored actions taken by other major platforms at the time, reflecting widespread uncertainty about how digital assets would be classified under U.S. securities law. While some exchanges have since resumed XRP trading following favorable court developments, Coinbase has maintained a cautious approach.
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Grewal’s Statement: Conditions for Relisting XRP
During the Real Vision interview, Paul Grewal emphasized that Coinbase would not automatically relist XRP—even if the ongoing SEC vs. Ripple case concludes with a favorable ruling for Ripple.
He clarified:
“However the judge rules, of course, we (Coinbase) are going to assess her ruling and any follow-on appeals and very much weigh the court’s determination and any decision we might make about relisting XRP.”
This statement underscores Coinbase’s commitment to thorough legal due diligence before reintroducing any asset with regulatory ambiguity. While Judge Analisa Torres has previously ruled that XRP sales on public exchanges do not constitute securities transactions, Grewal stressed that a final judgment—including potential appeals—must be fully evaluated.
The exchange’s position reflects a broader strategy of prioritizing compliance amid an increasingly complex regulatory environment. For users and investors, this means that while progress in the Ripple case is encouraging, it does not guarantee immediate listing on Coinbase.
Community Pressure and the #RelistXRP Movement
The XRP community has been vocal in demanding that major exchanges reinstate support for the token. The hashtag #RelistXRP gained significant traction on social media platforms earlier this year, symbolizing growing frustration among holders who view XRP as a legitimate digital currency rather than a security.
Influencers like Sentosumosaba have directly engaged with industry leaders, posing pointed questions about listing criteria. One such query to Grewal asked:
“If the court finds secondary market sales of XRP are not securities, how would that affect the listing of XRP on Coinbase?”
Grewal’s measured response indicated that while court rulings are influential, they are just one factor in a multi-layered evaluation process. Other considerations likely include compliance frameworks, custodial policies, and long-term legal risk assessment.
Regulatory Clarity Remains Key
At the heart of Coinbase’s hesitation lies the absence of clear regulatory guidelines from federal agencies. Despite partial rulings in favor of Ripple, the SEC continues to appeal aspects of the case, and no definitive classification framework for cryptocurrencies exists under current U.S. law.
This lack of clarity forces exchanges to operate defensively. For Coinbase—a platform deeply invested in shaping pro-innovation policy—each listing decision must balance user demand with legal prudence.
Industry experts suggest that only a comprehensive regulatory framework or a final appellate ruling in the Ripple case will provide the certainty needed for widespread relisting across top-tier exchanges.
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What’s Next for XRP on U.S. Exchanges?
While Ripple CEO Brad Garlinghouse and legal analyst John Deaton remain optimistic about a favorable conclusion to the lawsuit in 2025, the timeline remains uncertain. A final verdict from Judge Torres could come at any time, but appeals may extend the process well beyond initial expectations.
Nonetheless, positive momentum continues to build. In early 2025, XRP experienced a notable price surge, fueled in part by bullish sentiment around the litigation outcome and increasing institutional interest.
For Coinbase users hoping to trade XRP again, patience remains essential. The exchange has shown willingness to adapt—having relisted other previously delisted assets when conditions improved—but only after rigorous internal review.
FAQ: Understanding XRP and Coinbase's Position
Q: Why did Coinbase delist XRP in 2021?
A: Coinbase removed XRP following the SEC's lawsuit against Ripple, which alleged unregistered securities sales. To comply with U.S. regulations and minimize legal exposure, the exchange suspended trading.
Q: Has the court ruled that XRP is not a security?
A: Partially. Judge Analisa Torres ruled that programmatic sales of XRP on public exchanges do not constitute securities offerings. However, institutional sales were deemed securities transactions. The full implications are still being interpreted.
Q: Will Coinbase relist XRP if the SEC loses the case?
A: Not necessarily. As stated by Paul Grewal, Coinbase will evaluate the final ruling, any appeals, and internal compliance standards before making a decision.
Q: Are other U.S. exchanges listing XRP?
A: Yes—several smaller platforms have relisted XRP based on recent court developments. However, major players like Coinbase and Kraken have not yet followed suit.
Q: How does this affect XRP’s price?
A: Market sentiment plays a big role. News of legal progress or exchange relistings often triggers short-term price increases, as seen in early 2025 when optimism peaked.
Q: What can XRP holders do while waiting?
A: Stay informed through official channels, consider alternative exchanges where XRP is available, and monitor regulatory updates closely.
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Conclusion: A Wait-and-See Approach
Coinbase’s cautious stance on XRP relisting reflects its broader strategy of regulatory compliance and risk management. While community pressure and favorable court rulings add momentum, they are not standalone triggers for asset reinstatement.
For now, all eyes remain on the final resolution of the SEC vs. Ripple case. Once legal clarity emerges—whether through final judgment or new legislation—the path to broader market access for XRP will become clearer.
Until then, investors should prepare for continued uncertainty—and recognize that even positive rulings require careful interpretation before they translate into tangible exchange support.
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