In a major turn of events, major cryptocurrency exchanges Coinbase, Kraken, Bitstamp, and Gemini have announced their decision to relist XRP following a significant legal victory for Ripple against the Securities and Exchange Commission (SEC).
This significant decision comes as a result of the exchanges’ reassessment of their previous delisting of XRP, showing renewed confidence in the token’s regulatory status. This was due to the court’s landmark recent ruling by Judge Analisa Torres.
Coinbase, Kraken, and Bitstamp are re-trading XRP
Coinbase, the leading cryptocurrency trading platform, wasted no time in announcing that it would resume trading XRP after the court ruling. Coinbase CEO Brian Armstrong expressed the exchange’s decision in a statement tweetMentionsed:
Coinbase will re-enable trading for XRP (XRP) on the XRP Network. Do not send this asset over other networks or you may lose your money. Transfers to this asset remain available at Coinbase & CoinbaseExch. “
The return of digital assets on the Coinbase platform marks a significant shift in its status after the token delisting in January 2021. Kraken, another prominent exchange, has also confirmed its plans to reintroduce cryptocurrency trading, as has Marco Santori, the chief legal officer at Kraken. chirp advertiser:
1/ This morning, the Federal Court for the Southern District of New York ruled that XRP is not a security. As such, just a few minutes ago, Kraken re-enabled trading in XRP for US users.”
An early adopter of XRP, Bitstamp has also joined the bandwagon, emphasizing its role as the leading liquidity site for the asset globally as it underscores Back of the token exchanged for US users.
Token holding majority of gains from Thursday | Source: XRPUSD on TradingView.com
Ripple’s legal battle and market impact
The court ruling stems from the lawsuit the SEC filed against Ripple, which accused the company of conducting an unregistered securities offering through the sale and distribution of XRP.
Ripple has chosen to fight the lawsuit, and has invested significant resources in legal action. The outcome of this case is of great importance to the cryptocurrency industry, as it defines the regulatory oversight that digital asset companies face.
Although Judge Torres’ recent summary ruling concluded that while Ripple’s initial sale of XRP to institutional investors could be classified as a securities offering, the subsequent trading of the token on crypto exchanges did not fall under the same classification.
This ruling provides a level of clarity regarding the token’s regulatory status and sets a precedent for similar cases involving other cryptocurrencies.
The market responded enthusiastically to the court’s decision as XRP saw a surge in value, gaining more than 75% compared to its price at the start of Thursday. Coinbase’s share price also saw a significant jump of more than 24% following the decision.
Featured image from iStock, chart from TradingView.com