Coinbase and XRP

[XRPnoob007]

Since I am from the USA, I am wondering if I buy ripple coins will they be safe with Coinbase? Or should I move somewhere else offshore? I am here for the long run until each coin is worth 100M USD. hehe,jk. But seriously if I buy some coins should I keep my coins in Coinbase or do you think after the SEC trial Coinbase or any USA company will say: XRP is now a security and you can’t move it or sell it? Any suggestions?

Edited February 8, 2021 by XRPnoob007
Legal

[JASCoder]

Welcome to XRP Chat, agent Noob !

If your tokens are in the custody of an exchange, then all you have is a promise they'll release them do you when and if you ask to withdraw them.

That being said, CB is a "regulated" exchange in the USA, and IMHO it's unlikely they would confiscate your zerps if they weren't compelled to by the government. 

Never forget, the U.S. government once declared holding gold coins was illegal, and ordered all citizens to sell them to the government. So anything's possible when it comes to the vagaries of political will.

You have the option to move them to a non U.S. exchange, or to your own XRPL account (aka a private "wallet"), which is out of the reach of anyone except the private key holder. 

Good luck to you, and all us moonbois !

Quote

Mother, should I build the wall?

Mother, should I run for president?

Mother, should I trust the government?

Mother, will they put me in the firing line?

 

[brianwalden]

As of right now, Coinbase will let you withdraw and deposit XRP, but that's about it: https://help.coinbase.com/en/coinbase/getting-started/crypto-education/xrp-xrp-faq#:~:text=You're still able to,Coinbase Wallet at this time.

Everyone will tell you the risks of keeping your XRP on an exchange. But your risk of losing your keys if you keep them yourself may be greater. Only you can make that decision. Coinbase is one of the most trusted and regulation compliant exchanges in the US. If you're just parking your XRP somewhere, there are companies who will pay you interest.

I don't think XRP itself will get classified as a security. I think at worst it will be determined that at some point in the past Ripple sold XRP as if it were a security, and they'll have to pay a penalty for that. But I'm neither a lawyer nor a financial advisor.

[XRPnoob007]

Wow thanks everyone I appreciate it! I never expected anyone would respond,  so I really appreciate it!

I think I’ll keep it in CB for now since it seems safe. I agree I highly doubt SEC will say it’s a security now, just Ripple and the CEO will have to pay fines. 

Edited February 8, 2021 by XRPnoob007
Spelling

[pascales]

One last suggestion if I may @XRPnoob007 is never to disclose your holdings. You never know who is watching, and what they’re capable of doing (online & offline)

[XRPnoob007]

Thanks @pascales! You guys are like family, I already love the forum. Thank you guys! 

[Jungerns001]

I'd just be grateful if Coinbase could even be bothered to respond to Emails etc

3rd review and the one I'm under currently is since January 25th. Absolutely farcical.

Edited February 10, 2021 by Jungerns001

[Jungerns001]

WTF is going on with Coinbase for christs sake

Had enough of this bullshit. Anyone have number to ring these roasters please ??