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Todd R. Kornfeld, of counsel in the Financial Services Practice Group of Pepper Hamilton, was quoted in the February 26, 2019 Breaker Magazine article, "Coinbase Pro Listing XRP May Be Controversial, but It’s Probably Not a Risk."
Todd Kornfeld, an attorney at Pepper Hamilton LLP's New York office who specializes in securities and derivatives law, works with clients who issue tokens and invest in cryptocurrency. He tells us that there's been plenty of speculation surrounding XRP's status, a matter about which 'the SEC has been cagey, publicly."
It’s hard to predict much of anything that takes place in the crypto trading space because it's so new. As Kornfeld points out, "There really isn't a history of enforcement actions for somebody operating what would essentially be an unlicensed securities exchange with a security that isn't registered."
"We don't know what regulatory analysis or risk analysis Coinbase did" in regards to its XRP decisions, says Kornfeld. Executives at the company could have spoken to the SEC off the record, or simply done research into a number of regulatory scenarios. "Whatever risk assessment they did," says Kornfeld, "they concluded that it was okay for them to proceed with this business of creating a platform for trading XRP."