June 4, 2024
XRP Trading reopens in NY
Latest Cryptocurrency News

Coinbase Resumes XRP Trading in New York After Nine-Months

Coinbase’s chief legal officer, Paul Grewal, took to social media platform X to deliver the long-awaited news: XRP trading is back on in New York state. After a hiatus of nine months, customers can once again engage in XRP trading on the popular crypto exchange.

Grewal’s announcement marked the culmination of concerted efforts. These efforts were in collaboration with state authorities aiming to bring back this popular digital asset to New York investors.

Regulatory Rollercoaster

Since the United States Securities and Exchange Commission (SEC) filed a lawsuit against Ripple in 2020, XRP has been under the regulatory microscope.

The lawsuit triggered a series of delistings by major exchanges, including Coinbase, Bittrex, and Binance.US, citing concerns over unregistered securities.

However, a pivotal ruling by Judge Analisa Torres in 2023 provided a glimmer of hope. The court ruled that secondary sales of XRP did not constitute securities sales. Thus, leading to the relisting of the token on various platforms.

New York’s Regulatory Landscape

Despite the positive turn of events on the federal level, New York presented its unique challenges. In September 2023, the New York Department of Financial Services (NYDFS) removed Ripple Labs from its approved list, leading to Coinbase suspending XRP trading for New York residents.

Entities operating in New York must obtain individual approval from NYDFS to custody customer assets, adding an additional layer of regulatory scrutiny.

XRP’s Market Response

Furthermore, the market reacted swiftly to the news of XRP’s reinstatement in New York. The token’s price experienced a surge from $0.51 to nearly $0.53.

However, this uptick comes amid a broader trend of downward price action since its recent high of $0.74 in March 2024.

As XRP continues to navigate regulatory hurdles, Coinbase’s decision to resume trading in New York underscores a growing confidence in the token’s regulatory clarity and market demand.

Image from GoodFon

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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