Coinbase, Crypto.com, and Kraken Pro resume XRP trading while Gemini explores relisting, following a mixed court ruling that partially favors Ripple in its legal battle with regulators.
More crypto exchanges resume XRP trading as US judge delivers mixed ruling in Ripple’s legal battle with regulators.
Crypto.com and Kraken Pro announce relisting of XRP on their platforms, signaling its return to trading.
Numerous U.S. exchanges suspended XRP trading after the SEC’s lawsuit against Ripple Labs in late 2020. However, following yesterday’s mixed ruling, several exchanges are now resuming XRP trading, with industry observers hailing it as a significant sector triumph.
Crypto.com tweeted, offering XRP purchases with various fiat currencies at true cost, while Kraken Pro announced on Twitter that XRP has fully resumed trading on their platform.
Gemini crypto exchange announced its consideration of relisting XRP following the court ruling. In a tweet, Gemini stated that they are exploring the listing of XRP for spot and derivatives trading, given the ruling that XRP sales are not considered securities.
Coinbase, the leading U.S. crypto exchange, announced the reinstatement of XRP trading. Chief Legal Officer Paul Grewal tweeted that they have reviewed the court decision and their analysis, stating that it is now time to relist XRP.
Despite the recent mixed ruling from the Southern District Court of New York in the SEC vs. Ripple lawsuit, uncertainty surrounding XRP’s status remains. The case may proceed to trial or be subject to further appeals, indicating that the dispute is far from over.
Is it the right time to start trading XRP again?
Judge Analisa Torres’ ruling clarified that while some of Ripple’s sales of XRP did not qualify as securities offerings, sales to institutional buyers were deemed unlawful. This has led exchanges to feel confident in relisting and trading XRP, considering the current ruling and the token’s ‘not a security’ characterization.
According to Youwei Yang, chief economist of Bit Mining, exchanges tend to open trading for popular coins quickly to capitalize on volatility and excitement, as increased transaction volume and fees result from greed and fear.
Yang believes that despite potential legal risks, exchanges and participants are optimistic about the potential returns outweighing the fines and lawsuits associated with Ripple’s perceived success.
Jeff Mei, COO of BTSE exchange, expressed a more positive view, considering the ruling as a significant victory for the industry and offering clarity on the status of digital assets.
Jeff Mei further noted that the SEC has initiated numerous enforcement actions against cryptocurrencies, often based on whether tokens qualify as securities. Many of these cases have resulted in settlements.
While the Ripple and Coinbase cases primarily address registration requirements and the classification of digital assets as securities under U.S. law, the ruling’s implications are expected to benefit other firms engaged in legal battles with the SEC concerning the classification of their products in the United States.
Wayne Huang, CEO and co-founder of XREX exchange based in Taipei, stated that the ruling provided a positive signal for many exchanges, particularly those catering to U.S. investors, suggesting that it could be permissible to list or relist XRP. Huang emphasized that the court’s decision serves as a defense mechanism for the industry to combat unfair law enforcement practices.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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