Paul Grewal Clarifies XRP’s Security Status
– Paul Grewal, the Chief Legal Officer at Coinbase, clarifies the status of XRP after the Ripple Vs. SEC case ruling.
– He emphasizes that XRP is never considered a security, contrary to some misunderstandings.
– Grewal refers to page 15 of the ruling, highlighting that XRP does not fulfill the requirements of the Howey test for an investment contract.
Coinbase Relists XRP After Delisting in Jan 2023
– Coinbase removed XRP from its trading platform in January 2023 due to low usage.
– Users were given a “Coinbase Recovery Phase” to retrieve their funds.
– Following the ruling in the Ripple Vs. SEC case, Coinbase decided to relist XRP.
Coinbase Vs SEC Lawsuit Suggests A Favorable Outcome For Coinbase
– The SEC filed a lawsuit against Coinbase and Binance, alleging trading of unregistered securities.
– The initial hearing took place on July 13th, with the judge expressing skepticism towards the SEC’s responses.
Hot Take: Ripple’s Victory and Coinbase’s Relisting Signal Positive Developments for XRP
The ruling in the Ripple Vs. SEC case, along with Coinbase’s decision to relist XRP, indicates positive developments for the cryptocurrency. Paul Grewal’s clarification further strengthens the argument that XRP should not be classified as a security. This news brings relief to XRP holders and paves the way for increased adoption and usage of the digital asset. However, the ongoing Coinbase Vs. SEC lawsuit adds another layer of complexity to the regulatory landscape. It will be interesting to see how the case unfolds and its potential impact on the crypto industry as a whole.
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