Price spikes XRP — now it is the third value of the cryptocurrency in the world in recent months was largely the result of rumors that the American crypto currency exchange Coinbase will start trading these tokens. Although so far it’s just talk, 22 June the head of the company Ripple brad Garlinghouse for the first time spoken publicly on the topic, why the stock exchange should take a positive decision.

Coinbase now allows customers to trade in bitcoin, ether, litecoin and Bitcoin Cash, and will soon add a Classic Ethereum, announced last week. However, the platform is still missing XRP, a token with a market capitalization of $21 billion were rumors that Ripple that owns more than half of the tokens, XRP, tried to pay Coinbase $1 million for the inclusion of coins in the listing.

Ripple sells its blockchain-the financial institutions around the world. Some of them are using XRP increase the speed and reduce the cost of cross-border payments. The company believes that the price of XRP, most likely, will grow in proportion to the degree of popularity of the token in the banking sector.

June 22 Arlinghaus participating in on the future of financial technology conference Future of Fintech, gave an interview to Fortune in which he said:

I think when we solve the scaling problem and make the token available to major financial institutions, Coinbase will be interested in them.

This year the price of XRP ranged from 50 cents to about $4 in January, amid a flurry of rumors that Coinbase’s add this cryptocurrency. However, in March Coinbase has denied such speculation, saying that it intends to trade only in cryptocurrencies, recognized adjustments not securities.

Perhaps because of this, Coinbase and other U.S. markets are not in a hurry to trade XRP. Last week, the us Commission on securities and exchange Commission (SEC) announced that Ethereum does not meet the criteria securities because of their decentralized nature. This regulator has raised concerns that the XRP can be included in the category of securities, given that Ripple has the lion’s share of the cryptocurrency and closely connected with it.

In particular, the SEC official William Hinman stated that “systems that function through Central entities, which are critical to the success of the enterprise”, will apply to the securities laws. However, Hinman said nothing about XRP.

However, according to Garlinghouse, XRP may not fall into the jurisdiction of the SEC. At a conference in new York, he said:

I think it is absolutely clear that XRP is not a valuable paper.

He explained that the blockchain, XRP exists independently of the Ripple and will continue to function even in the case of the collapse of the company; moreover, the tokens XRP have a technological purpose (execute transactions), whereas in traditional securities like shares there is no such function. In addition, according to him, XRP does not give its owners the opportunity to have shares in the company in these tokens:

I do not think that the possession of XRP gives us control. The Saudis have much oil, but it does not give them control over the oil itself.

Arlinghaus stressed that does not affect plans for Coinbase and does not accept her decision. He refused to predict when the XRP can include in a listing other major American stock exchanges: Circle, itBit, Cash app, owned by Square, and Robinhood. (Now the US only offers a few Kraken trade XRP/USD, not in all States.)

Most likely, the markets are not in a hurry to trade XRP, waiting for the decision of the regulator regarding the status of the token. Last week, the controller of the state of new York allowed itBit to include in the listing tokens Stellar created by Ripple co-founder jed Machalaba, but for permission to trade XRP, the exchange has not yet been accessed.