First US Digital Asset Platform Revives XRP Trading in New York 🚀
After a period of suspension in the wake of a legal battle with the SEC, Coinbase has once again allowed XRP trading in New York, offering relief to investors in the state.
Legal Victory and Relisting 📈
Initially suspended after the SEC filed a lawsuit against Ripple, alleging the sale of XRP as an unregistered security, trading was reinstated following a court ruling. US District Judge Analisa Torres determined that Ripple’s sales did not constitute the offering of securities, prompting Coinbase to relist XRP.
- The suspension was lifted last July after a court ruling
- Coinbase reinstated XRP trading across the country
- New York users were excluded from trading until now
Reestablishing Support in New York 🗽
In a statement, Coinbase’s chief legal officer mentioned collaboration with the state to resume XRP trading, ensuring compliance and regulatory approval for the digital asset in New York.
- Paul Grewal, Coinbase’s chief legal officer, highlighted the joint efforts
- Collaboration with the state facilitated the relisting
- XRP is now tradable for New York users on Coinbase
XRP Market Update and Legal Proceedings ⚖️
At present, XRP is priced at $0.517, showing a slight decline in the last 24 hours. Despite ongoing legal battles with the SEC, Ripple has endured challenges but also scored victories in court rulings.
- XRP is the eighth-largest crypto asset by market cap
- Ripple is engaged in a legal battle with the SEC
- Court rulings have been mixed but overall positive for Ripple
The SEC’s Demands and Ripple’s Response 💸
The SEC has requested substantial financial penalties from Ripple, totaling nearly $2 billion. However, Ripple has contested these demands, arguing for significantly lower penalties and suggesting alternative outcomes for the case.
- SEC demanded $1.95 billion from Ripple
- Ripple opposed the SEC’s motion in court
- Alternative penalties proposed by Ripple
Hot Take 🔥
Coinbase’s decision to resume XRP trading in New York signifies a significant milestone for crypto investors in the state, offering access to a popular digital asset previously restricted due to legal challenges. The collaboration between Coinbase and New York regulators sets a precedent for regulatory compliance and innovation in the evolving digital asset landscape.
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