Published on mei 24, 2024, 12:51 am
Image source: Fox News
```json { "TLDR": "Coinbase's chief legal officer announced the resumption of XRP trading in New York after a hiatus due to SEC lawsuit. The return follows clarification that secondary sales of XRP are not securities. Coinbase collaborated with authorities to meet regulatory requirements, leading to XRP price improvement and enthusiasts' excitement." } ```
Paul Grewal, Coinbase’s chief legal officer, recently made an announcement that will undoubtedly excite cryptocurrency enthusiasts in New York. After a pause of nine months, customers in the state can once again trade XRP on the popular exchange.
This development comes after a period of uncertainty for XRP due to the lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Ripple in 2020. Following this legal dispute, several centralized exchanges, including Coinbase, temporarily delisted XRP as the asset came under regulatory scrutiny for alleged unregistered securities sales.
The tide began to turn when Judge Analisa Torres clarified in 2023 that secondary sales of XRP did not fall under securities sales. Consequently, leading exchanges like Coinbase, Bittrex, and Binance.US started relisting XRP to meet the demands of eager investors and traders.
However, challenges persisted for XRP in specific regions such as Japan and New York. In September 2023, Ripple Labs was removed from New York Department of Financial Services’ approved list for custodianship, prompting Coinbase to suspend XRP trading for residents of New York until now.
Coinbase’s decision to resume XRP trading in New York follows their collaboration with state authorities to address regulatory requirements successfully. The positive impact of this move was evident as XRP’s price showed signs of improvement after a period of decline since reaching a high point of $0.74 on March 12, 2024.
Overall, this reinstatement represents an important milestone for both Coinbase and XRP enthusiasts who have been eagerly awaiting the return of this popular digital asset to one of the biggest cryptocurrency platforms available to them.
Original article posted by Fox News
