Coinbase Makes Bold Move, Relists XRP in New York for 20 Million Residents to Trade
In a surprising turn of events, Coinbase has decided to relist XRP, allowing the 20 million residents of New York to once again trade the popular cryptocurrency. This move comes in the midst of ongoing legal battles and regulatory challenges faced by the cryptocurrency industry in the United States. Many see this as a significant victory for Ripple, the company behind XRP, in its long and arduous fight against the US Securities and Exchange Commission (SEC). Paul Grewal, Ripple’s Chief Legal Officer, made the announcement, expressing his satisfaction with the strong partnership between Coinbase and the State.
Coinbase, one of the largest cryptocurrency exchanges in the world, has been embroiled in a legal dispute with the SEC since June 2023. The SEC accused Coinbase of failing to register its staking-as-a-service program and of engaging in activities that qualify it as a broker, clearing agency, and unregistered national securities exchange. This ongoing conflict has placed immense pressure on the platform and its operations.
The delisting of XRP from Coinbase’s US markets initially occurred in January 2021, following the SEC’s claim that Ripple had conducted an unregistered securities offering and illegally sold XRP, raising over $1.3 billion in the process. This dealt a significant blow to Ripple and its supporters.
In a landmark decision in July 2023, Judge Analisa Torres ruled that Ripple’s marketing of XRP on public markets did not violate federal securities law. However, she did acknowledge that direct sales to institutional clients constituted investment contracts and called for further legal action. This divided ruling has prolonged the legal drama but provided some relief for Ripple in the open markets.
In light of recent developments, the price of XRP has experienced a surge. It currently stands at approximately $0.5305, marking a 0.61% increase in the past 24 hours and a modest 1.86% increase over the last week. Despite the ongoing legal disputes and regulatory scrutiny, this upward trend indicates a growing sense of investor confidence.
Financial analyst Linda Jones has previously recommended purchasing XRP, especially as institutional investments are expected to drive its value up. This advice seems particularly relevant now, as XRP continues to navigate its regulatory obstacles with resilience.
For those interested in learning more about Ripple and XRP, CNF offers a comprehensive Ripple (XRP) guide, as well as a Ripple XRP wallet tutorial. Additionally, readers can stay updated on the latest XRP news and check the 24-hour XRP price.