The story triggered by the lawsuit by the United States Securities and Exchange Commission against Ripple Labs continues to trigger far-reaching consequences. The last of which concerns Coinbase, with the famous exchange in turn called into question for the sale of titles that he knew perfectly well not to be registered.
It was to start it Thomas Sandoval, according to which the cryptocurrency exchange has violated California's unfair competition laws by allowing trading on XRP. In the ensuing class action, one of the main actors could be Craig Wright, the now famous the Faketosh. Let's go see what is happening.
According to Craig Wright, Coinbase knew it was trading illegally
According to Craig Wright, Coinbase executives knew full well that XRP was an unregistered stock. The proof of his assertion lies in the fact that they made admissions to this effect a few years ago during a visit to nChain, in the London offices, during a discussion with Craig Wright. Practically showing that he doesn't care about regulatory issues.
An attitude motivated by the fact that they were only and exclusively interested in profit. Coinbase's turnover would have had a noticeable reduction in the event that XRP had not been included for some reason in the trading of the platform. A negligence which, however, now risks costing the exchange very dearly crypto.
Craig Wright says he is ready to testify
In the cause he will face now Coinbase could be facing Craig Wright, now used to frequent the courts. The Australian businessman, in fact, said he was eager to hear Coinbase executives say they didn't know how XRP was an unregistered stock. Because when they do, he will be happy to provide proof of the gross lie.
He did it on his personal blog, in an article entitled "About Coinbase". In which, in fact, he states that the cryptographic exchange platform aims exclusively to make money, at the cost of breaking the law. The important thing is that his clients do trading, as regardless of how the prices of the various assets go, he earns commissions. That is his hefty earnings.
A real gambling den
In practice, Craig Wright compares Coinbase and other similar realities to real gambling dens. In which breaking existing laws is a real norm. A behavior that he had tried to change, for example by addressing Ripple, Bitcoin Core and Blockstream, to report problems in this regard.
And here begins perhaps the most interesting part of Wright's writing, in that just since then, it was between 2013 and 2014, the crypto world's attacks against him would begin. That is when he dared to say that the real purpose of these people was not the creation of a digital economy. Rather, to create a sort of casino, in which unsuspecting users can be milked. A very heavy affirmation, which seems to connect the story of Ripple to another which has been discussed for some time in the courtroom. Or that relating to the funds of Tulip Trust, in which the Australian tycoon must prove that he is the real Satoshi Nakamoto. If he fails to do so, he would be forced to pay an amount in the order of several billion dollars to the plaintiff, Ira Kleiman.