Why Was XRP Excluded From CoinGecko’s List of Alleged Securities?

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Recently, a list was revealed by the widely-followed price-tracking platform, CoinGecko. While there are tokens on the list that have been alleged as securities by the Securities and Exchange Commission (SEC). But there’s one glaring omission: XRP.

Now, David Schwartz, the Chief Technology Officer of Ripple, has stepped into the spotlight to speak on the issue.

We’ve broken down all the details for you. Read on!

CoinGecko’s Listing of 48 Tokens Amidst SEC Tussles

On the 8th of August 2023, CoinGecko, one of the most widely followed price-tracking platforms in the world, listed a total of 48 tokens. Most of these tokens are subjects of SEC lawsuits against major exchanges like Binance and Coinbase. 

Among these 48 tokens, we’ve got the A-listers making an appearance – BNB, ADA, SOL, TRX, MATIC, TON, BUSD, and ATOM. These aren’t just any run-of-the-mill tokens; they’re residing comfortably in the top 30 tokens by market capitalization. A curious aspect is that this list seems to target tokens based on the proof-of-stake (PoS) mechanism, excluding Ethereum.

Collectively, the market capitalization of these tokens stands tall at a jaw-dropping $92.7 billion. That’s nearly 8% of the total global crypto market cap is accounted for by this currency – an enormous presence, no doubt.

Read More: SEC’s Double Standards Exposed: Ethereum Favoured, Ripple Snubbed?

Prominent Tokens Missing!

Firstly, we’re witnessing a conspicuous absence of proof-of-work tokens in the limelight. High-profile players like Bitcoin, Litecoin, and Dogecoin are noticeably absent from the list. Joining them on the missing list are Shiba Inu and Avalanche, leaving us with some head-scratching questions about the criteria behind this selection.

But that’s not all – let’s talk stablecoins. Among these enigmatic entries, the two giants of the stablecoin world, USDT, and USDC, find themselves exempt from the list. Interestingly, Binance USD (BUSD) stablecoin, made its grand debut here.

Related: USDC vs. USDT: Which Stablecoin Is the Safer Bet?

Perhaps the most riveting aspect of this entire news is the notable exclusion of XRP. And here’s where things get interesting: this omission stems from a ground-shaking verdict by Judge Torres. With confidence, the Judge passed that XRP stands apart – it’s not a security. This stands in stark contrast to the SEC’s own arguments, sending ripples through the regulatory dampness.

Ripple CTO Adds Humor to SEC’s List

The Ripple CTO steps into the ring, sporting a smile and a dash of humor. He playfully points out that this list is missing a few other “gems,” like orange groves, live beavers, and whiskey warehouse receipts. While these seemingly unrelated items were once part of the SEC’s eccentric securities classifications in decades past.

But let’s not forget the climax of this – XRP’s exemption. This positions XRP in the hallowed territory of non-securities, rubbing shoulders with legal champions of crypto.

While Bitcoin may claim non-security status, it hasn’t faced the courtroom showdown XRP has. Despite the SEC’s plot to overturn Judge Torres’ ruling, XRP supporters are standing tall, emphasizing that this verdict will be the law of the land for at least two action-packed years.