Bitrabo Editorial
Coinbase, a US-based cryptocurrency exchange, has made a bold move to resume XRP trading for New York users despite the ongoing legal dispute between Ripple and the US Securities and Exchange Commission (SEC).
Following the SEC’s lawsuit against Ripple, Coinbase had initially suspended XRP trading on its platform in January 2021, gradually limiting it before a full suspension on January 19, 2021.
XRP Trading Resumes on Coinbase
Coinbase’s Chief Legal Officer, Paul Grewal, announced the reopening of XRP trading for New York users in response to community feedback and collaborative efforts with the state to reinstate XRP trading.
The legal battle between Ripple and the SEC is approaching a critical stage, with the court expected to deliver its final ruling soon, following the submission of briefs by both parties.
Prior to the ruling, the court will address Ripple’s motion to seal, which will determine the disclosure of the company’s financial information.
Ripple faces a proposed fine of nearly $2 billion by the SEC, whereas Ripple argues for a limited fine of $10 million, highlighting the high stakes of the legal proceedings.
Uncertainty Surrounds Ripple Lawsuit
Recent regulatory developments, such as the FIT21 Act passed by the US House of Representatives, could have implications on Ripple’s lawsuit and the broader crypto industry, providing clarity and regulatory framework for digital assets.
While FIT21 aims to support innovation, concerns raised by SEC Chair Gary Gensler regarding consumer protection measures and the applicability of existing regulations in the crypto space highlight ongoing regulatory challenges.
The future trajectory of the industry may be influenced by the outcome of these regulatory discussions, with President Biden expressing reservations and the potential veto of the bill in its current form.
Coinbase’s decision to reinstate XRP trading in New York reflects a significant shift amidst Ripple’s legal battle with the SEC, underscoring the evolving dynamics within the crypto sector and the implications for Ripple’s future.
As the trial nears its conclusion, the ruling by Judge Analisa Torres will carry substantial consequences for Ripple and the broader cryptocurrency market in the United States, impacting stakeholders and market participants alike.
Currently priced at $0.534, XRP has maintained stability over the past 24 hours, with a recent gain of 4.1% in the last fourteen days, depicting a potential shift in market sentiment.
Image source: Shutterstock, chart data from TradingView.com