Coinbase And Other Exchanges Relist XRP After Court Ruling Against SEC
US crypto exchanges Coinbase, Kraken, Gemini, Crypto.com and Bitstamp have announced to relist XRP after a US federal court ruled that selling the token on exchanges did not constitute an investment contract.
The entire ruling was not in favor of Ripple as Judge Torres made it clear that institutional sale of the tokens did violate federal securities laws.
The price of XRP shot up as much as 70% after Ripple scored a partial win against the US Securities Exchange Commission (SEC) on Thursday.
After the federal court’s ruling, US crypto exchanges announced plans to relist the layer one token.
The leading US-based crypto exchange Coinbase announced in a tweet on Thursday that they will re-enable trading for XRP (XRP) on the XRP network.
“Once sufficient supply of this asset is established trading on our XRP-USD, XRP-USDT and XRP-EUR trading pairs will launch in phases,” the crypto exchange added.
Ripple Ruling Deals a Blow to SEC’s Effort to Regulate Crypto
Judge’s decision is a boost for other crypto firms that claim regulators have too aggressively policed market
Bitcoin surged on Friday morning in Asia to breach the US$31,000 resistance level, after Ripple Labs achieved a partial victory in its three-year lawsuit against the U.S. Securities and Exchange Commission (SEC). The regulator accused Ripple of offering XRP as an unregistered security. Along with Bitcoin, Ether and all other top 10 non-stablecoin cryptocurrencies logged considerable gains, with XRP spearheading the rally with a rise of over 70%. U.S. equity futures traded flat in the Asia time zone on Friday as investors await earnings reports from major U.S. banks. Thursday’s U.S. producer price index (PPI) has added to a sense that inflation is slowing in the country.
XRP ruling provides crypto market boost
Bitcoin climbed 3.45% over the last 24 hours to US$31,463 as of 07:50 a.m. in Hong Kong for a weekly gain of 4.93%, according to data from CoinMarketCap. The world’s largest cryptocurrency reached a high of US$31,814 early Friday morning, the highest price since June 2022.
In a summary judgement on Thursday, New York Southern District Court Judge Analisa Torres ruled that Ripple’s programmatic sales of the XRP token on public exchanges do not constitute securities, marking a partial victory for Ripple with the SEC. The regulator first sued the San Francisco-based financial technology firm on the grounds that XRP constitutes a security in 2020.
The verdict came with a critical caveat, however. The court ruled that Ripple’s XRP sales to institutional investors did violate securities laws.
Nonetheless, Ripple’s Chief Executive Officer Stuart Alderoty called the judgement “a huge win” in a Friday tweet.