US-based cryptocurrency exchange Coinbase has taken a significant step by reopening XRP trading for New York users despite the decentralized platform's ongoing legal dispute. ripple and the US Securities and Exchange Commission (SEC).
The decision represents a bold move for Coinbase, which had previously suspended XRP trading following the SEC's lawsuit against Ripple. This development comes as the legal battle approaches a decisive stage, as the court is expected to issue its ruling soon.
XRP returns to Coinbase
In response to the SEC's lawsuit against Ripple Labs, Coinbase hanging XRP trading pairs on its platform in January 2021. The exchange gradually restricted trading to a “limit only” mode before suspending it completely on January 19, 2021.
However, said Paul Grewal, chief legal officer at Coinbase Announce On Thursday, XRP trading reopened for New York users through a statement on social media. Grewal acknowledged the community feedback and emphasized the collaborative efforts being made with the country to bring XRP back into circulation.
Ripple's legal battle with the Securities and Exchange Commission (SEC) has been tedious, but the case is now drawing to a close. Both parties have it foot Their summaries, and Judge Analisa Torres is expected to issue her final ruling soon.
Before the ruling, the court will rule on Ripple's request for a seal, and determine whether the company will do so Financial information It will be announced.
After the ruling, Ripple will have fourteen days to produce the relevant documents in a public or redacted version. The SEC proposed a hefty fine of about $2 billion on the decentralized payment platform, while Ripple asked for a limited fine of $10 million.
A ripple lawsuit hangs in the balance
Recent developments in the regulatory landscape, incl corridor The Financial Innovation and Technology for the 21st Century (FIT21) Act passed by the US House of Representatives will likely impact the Ripple lawsuit and the cryptocurrency industry in general.
FIT21 aims to create a regulatory framework for digital assets, providing much-needed clarity and support for innovation. However, the SEC, led by Chairman Gary Gensler, expressed concerns about the consumer protection measures in the bill and emphasized the applicability of existing regulations to the cryptocurrency space.
President Biden also raised concerns and threatened to veto the bill in its current form. The result of these Regulatory discussions It could significantly shape the future of the industry.
Ultimately, Coinbase's decision to resume XRP trading in New York shows a notable shift in its stance toward the cryptocurrency amid Ripple's legal battle with the Securities and Exchange Commission.
As the trial draws to a close, the cryptocurrency industry is eagerly awaiting Judge Analisa Torres' ruling, which will determine the outcome and potential financial impact on Ripple, as the final decision and its ramifications will have far-reaching consequences, not only for Ripple but as well. For the broader cryptocurrency market in the United States.
XRP is currently trading at $0.534, and has seen no price change in the last 24 hours. However, over the past 14 days, the cryptocurrency has gained 4.1%.
Featured image from Shutterstock, chart from TradingView.com