Coinbase Makes Bold Move, Relists XRP for New Yorkers to Trade
In a significant development for the cryptocurrency industry, Coinbase has decided to relist XRP, allowing the 20 million residents of New York to engage in trading the popular digital currency. Despite facing ongoing legal and regulatory challenges in the United States, Coinbase’s relaunch of XRP trading is being hailed as a triumph, particularly in light of Ripple’s battle with the US Securities and Exchange Commission (SEC).
Coinbase’s Chief Legal Officer, Paul Grewal, made the announcement on May 23, highlighting the company’s strong partnership with the State of New York. Grewal took to Twitter to share the news, stating, “XRP 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 out — we are back up.”
This move comes after Coinbase found itself entangled in a legal dispute with the SEC since June 2023. The SEC accused the cryptocurrency exchange of failing to register its staking-as-a-service program and of engaging in activities as an unregistered broker, clearing agency, and national securities exchange. This legal conflict has significantly impacted Coinbase’s operations and overall functioning.
The decision to delist XRP initially came in January 2021 when the SEC alleged that Ripple had conducted an unregistered securities offering, raising over $1.3 billion, and had illegally sold XRP. This setback dealt a severe blow to Ripple and its supporters.
However, in a groundbreaking ruling in July 2023, Judge Analisa Torres declared that Ripple’s marketing of XRP on public markets did not violate federal securities law. Although she acknowledged that direct sales to institutional clients constituted investment contracts, she called for further legal action. This split decision has perpetuated the legal drama surrounding Ripple but has provided some respite for the cryptocurrency in the open markets.
As a result of these recent events, the price of XRP has surged to approximately $0.5305, marking a 0.61% increase in the past 24 hours and a modest 1.86% rise over the past week. Despite the ongoing legal disputes and regulatory scrutiny, this positive trend signifies growing investor confidence in XRP.
Moreover, financial analyst Linda Jones has previously advised investors to purchase XRP before institutional investments drive up its value. With XRP demonstrating resilience in navigating its regulatory obstacles, Jones’ recommendation holds particular significance.
For more information on Ripple (XRP), including a comprehensive guide to buying the cryptocurrency and a tutorial on setting up a Ripple XRP wallet, consult our informative resources. Stay updated on the latest XRP news and track the 24-hour XRP price for further insights into this dynamic digital asset.