Coinbase, the leading cryptocurrency exchange in the United States, has made an exciting announcement for its users in New York. They have relisted XRP for trading, allowing residents of the state to once again trade this digital asset.
The news was shared by Coinbase through one of its official channels, and it was later confirmed by Paul Grewal, the Chief Legal Officer of Coinbase. In his statement, Grewal mentioned that Coinbase had worked closely with state authorities to reinstate XRP trading in New York. This decision came after receiving numerous requests from users.
It is worth noting that Coinbase had suspended XRP trading back in January 2021 following a lawsuit from the U.S. Securities and Exchange Commission (SEC) against Ripple, the company behind XRP. The SEC had classified XRP as an unregistered security, leading to its removal from various exchanges.
However, in July of the same year, Coinbase and other U.S. exchanges relisted XRP after a court ruling determined that XRP is not a security. Despite this, trading of XRP was still not available in New York due to the state’s strict cryptocurrency regulations, particularly its “BitLicense” framework, which imposes significant challenges for businesses operating within the state.
Interestingly, even though a federal court had ruled that XRP is not a security, the regulatory body in New York decided to exclude XRP from its list of permissible assets. This decision was made despite the court ruling, creating further complications for XRP trading in the state.
However, Coinbase’s recent announcement suggests that the exchange and the regulatory body in New York have come to a mutual agreement, allowing for the relisting of XRP in the state. This is a positive development for XRP traders in New York who can now access the asset through Coinbase.
Coinbase’s decision to relist XRP for New Yorkers coincided with a small increase in price. Market data shows that XRP experienced a brief spike of 3.15%, reaching a new daily high of $0.5392. Interestingly, this spike occurred at the same time as Coinbase’s announcement, indicating a potential correlation between the two events.
It is worth mentioning that back in July, when other exchanges like Gemini, Kraken, and Binance.US relisted XRP after the lawsuit victory, the cryptocurrency experienced a significant surge of over 100% in just 24 hours. This surge brought XRP close to reclaiming the $1 range.
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