Exciting Update on XRP Trading on Coinbase
Recently, US-based cryptocurrency exchange Coinbase has taken a bold step by reopening XRP trading for New York users amidst the ongoing legal battle between Ripple and the SEC. This decision is significant as it marks a reversal of the exchange’s previous stance on XRP trading. Here’s what you need to know about this development:
XRP Trading Resumes on Coinbase
When the SEC filed a lawsuit against Ripple Labs, Coinbase suspended XRP trading pairs on its platform in January 2021. The exchange gradually restricted trading to ‘limit only’ mode before completely suspending it on January 19, 2021. Despite this, the recent announcement of XRP trading’s reopening for New York users by Coinbase’s Chief Legal Officer Paul Grewal is a positive indication.
- Paul Grewal announced the reopening of XRP trading for New York users through a social media statement.
- He mentioned the community’s feedback and collaborative efforts with the state to reinstate XRP trading.
Legal Battle Update Between Ripple and SEC
Ripple’s legal dispute with the SEC is nearing its resolution, with both parties having filed their respective briefs. The final ruling by Judge Analisa Torres is expected soon after the court rules on Ripple’s motion to seal which will determine the company’s financial information’s public disclosure.
- Ripple and SEC have proposed contrasting fine amounts, with the SEC suggesting nearly $2 billion and Ripple arguing for $10 million.
- Ripple will have fourteen days following the ruling to produce relevant documents in a public or redacted version.
Impact of Regulatory Changes on Ripple Lawsuit
The regulatory landscape has seen recent developments, including the FIT21 Act by the US House of Representatives, which could potentially influence Ripple’s legal battle. The bill aims to provide regulatory clarity and support for digital assets, but concerns have been raised regarding consumer protection measures.
- The SEC, under the leadership of Chair Gary Gensler, has highlighted existing regulations’ applicability to the crypto industry.
- President Biden’s reservations about the bill in its current form raise uncertainties about its implementation.
Implications of Coinbase’s Decision on XRP Trading
With Coinbase’s move to resume XRP trading in New York, there is a visible shift in the exchange’s perspective amidst Ripple’s legal battle. As the trial concludes, the industry eagerly anticipates Judge Analisa Torres’ ruling, which will have significant repercussions on Ripple and the broader cryptocurrency market in the US.
XRP Price Update
As of now, XRP is trading at $0.534, with no significant change in price over the past 24 hours. However, the cryptocurrency has recorded a 4.1% increase in the last fourteen days, indicating positive momentum.
Hot Take 🚀
The reopening of XRP trading on Coinbase for New York users signals a turning point in the ongoing legal battle between Ripple and the SEC. With regulatory discussions and legal proceedings shaping the industry’s future, all eyes are on the final judgment that will have far-reaching implications for Ripple and the broader crypto market. Stay tuned for more updates on this evolving story!
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