Coinbase Makes a Bold Move by Relisting XRP, Allowing 20 Million New Yorkers to Trade
The cryptocurrency industry has received a significant boost with Coinbase’s decision to relist XRP in New York. Despite facing ongoing legal and regulatory challenges in the US, this move is seen as a major victory for Ripple, according to Ripple CLO Paul Grewal.
Coinbase’s Chief Legal Officer, Paul Grewal, took to X post on May 23 to announce the relaunch of XRP trading in New York. Grewal emphasized the strong partnership between Coinbase and the State, acknowledging the hard work put in to make this possible.
The legal battle between Coinbase and the US Securities and Exchange Commission (SEC) has been ongoing since June 2023. The SEC accused Coinbase of not registering its staking-as-a-service program and of acting as an unregistered national securities exchange, broker, and clearing agency. This conflict has put a strain on Coinbase’s operations.
In January 2021, Coinbase initially delisted XRP from its US markets after the SEC claimed that Ripple had conducted an unregistered securities offering and sold XRP illegally, raising over $1.3 billion. This was a significant setback for Ripple and its supporters.
However, 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. While she acknowledged that direct sales to institutional clients constituted investment contracts and required further legal action, this decision provided some relief for Ripple in the open markets and kept the legal drama alive.
As a result of these recent events, XRP’s price has soared to approximately $0.5305, marking a 0.61% increase in the last 24 hours and a modest 1.86% increase in the last week. Despite the ongoing legal disputes and regulatory scrutiny, this positive trend reflects growing investor confidence in XRP.
Financial analyst Linda Jones has previously advised investors to purchase XRP before institutional investments drive up its value. This recommendation holds even more weight now as XRP continues to navigate its regulatory obstacles with resilience.
For those interested in Ripple (XRP), there are various resources available, including a guide on buying XRP, a tutorial on Ripple XRP wallets, and a 24-hour XRP price check. Stay updated with the latest news and developments surrounding Ripple (XRP).