XRP Trading Reenabled by Coinbase in New York
America’s biggest crypto exchange, Coinbase, has resumed trading of XRP in New York after previously suspending it due to a lawsuit against fintech company Ripple.
Chief Legal Officer Announces the Return of XRP Trading
- The announcement was made by Coinbase’s Chief Legal Officer, Paul Grewal, on Twitter.
Reintroduction of XRP Trading in New York
- Coinbase had withdrawn XRP trading in 2021 following legal challenges faced by Ripple.
- The reintroduction of XRP trading in New York follows the company’s efforts to work closely with relevant authorities.
Ripple’s Legal Battle With the SEC
- Ripple, the creator of XRP, has been embroiled in a legal battle with the Securities and Exchange Commission (SEC).
- The SEC alleges that Ripple sold unregistered securities in the form of XRP.
Partial Victory for Ripple Over SEC
- Ripple achieved a partial victory in court against the SEC, with a judge ruling that some sales of XRP did not qualify as securities.
- However, institutional sales worth $728 million were deemed to constitute unregistered securities sales.
Criticism Faced by the SEC
- The SEC has faced increased scrutiny and criticism for its actions against the digital asset industry.
Hot Take: XRP Price and Industry Impact
The price of XRP has remained relatively stable at just above $0.53 amidst legal battles and regulatory challenges faced by Ripple and the broader crypto industry.
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