An Important Development in XRP Trading on Coinbase for New York Users
Coinbase has recently announced that New York users can once again trade XRP, marking a significant milestone for the cryptocurrency community. This resumption comes after a prolonged suspension that began in January 2021 due to regulatory challenges.
Resumption of XRP Trading on Coinbase in New York
On January 19, 2021, Coinbase halted XRP trading following a lawsuit filed by the US SEC against Ripple Labs. The lawsuit alleged that Ripple had sold unregistered securities worth $1.38 billion through token sales, leading to widespread suspensions and delistings of XRP across the US, including on Coinbase.
- The suspension had a significant impact on XRP’s market presence.
- During the suspension, users were unable to trade or convert XRP to fiat currency but could still deposit, store, and transfer the token.
- Coinbase took this precautionary measure to reduce legal risks associated with the SEC’s lawsuit against Ripple.
A Positive Update from Coinbase
Paul Grewal, the Chief Legal Officer of Coinbase, took to social media to announce the reinstatement of XRP trading for New York users. This move came after collaborative efforts with the state authorities to address regulatory concerns and ensure compliance.
βXRP trading on @coinbase is available again in NY. We heard you and put in the work in strong partnership with the State. And now the word can be put outβ we are back up,β he shared.
Resuming XRP Services on Coinbase
Users can now access their Coinbase accounts to engage in various XRP transactions, including buying, selling, converting, sending, receiving, and storing the token through the Coinbase website and mobile applications.
- The news of XRP trading being reinstated for New York users has not caused significant price fluctuations for the token.
- Currently, XRP is priced at $0.527964, reflecting a marginal decrease of 0.23% within the past 24 hours.
The Future Outlook for XRP
Despite the positive developments surrounding XRP trading on Coinbase, uncertainties loom over the token’s future. The recent approval of the FIT21 bill poses a potential threat to Ripple, as it introduces criteria defining decentralization in the crypto space.
Ripple’s Token Supply and Regulatory Challenges
Ripple currently holds 46.5% of the total 100 billion XRP token supply, with 5,258,162,324 XRP in its possession. Moreover, 41.3 billion XRP is currently locked and subject to escrow conditions. This ongoing saga between Ripple and US regulators could take unforeseen turns in the future.
Closing Thoughts
In conclusion, the resumption of XRP trading on Coinbase for New York users signifies a positive development for the crypto community. Despite the challenges and uncertainties ahead, the ability to engage in XRP transactions on a leading exchange like Coinbase is a step forward for XRP enthusiasts.
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