CandleFocus Coinbase Recognizes XRP and Shiba Inu as Money and Store of Value Assets
2024-09-19
Author: Content Editor
Prominent cryptocurrency exchange Coinbase has classified both XRP (XRP) and Shiba Inu (SHIB) as currencies, highlighting that they are specifically designed to function as money or store of value. This comes as there is ongoing debate within the XRP community about its regulatory status. Data from Coinbase also shows that XRP, SHIB, and several other cryptocurrencies are categorized as currencies on the platform, including Bitcoin, Dogecoin, Bitcoin Cash, Litecoin, Stellar Lumens, Zcash, and Dash. Coinbase's classification is significant as it recognizes these tokens as legitimate forms of digital currencies, with key characteristics of money. The regulatory status of cryptocurrencies has been uncertain, especially as the U.S. Securities and Exchange Commission (SEC) has sought to categorize most tokens as securities. The SEC previously classified XRP as a security in its lawsuit against Ripple, but a court ruling negated this claim. The SEC recently acknowledged in a lawsuit against Binance that crypto assets are computer codes and not inherently securities.
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