Coinbase, Gemini and Kraken to relist Ripple XRP
The hashtag ‘RelistXRP’ began trending on Twitter in many countries as thousands of tweets dedicated mostly or entirely to XRP continued to flood the social platform after a US court has ruled that the Ripple’s token is not “necessarily” a security.
Three major US crypto exchanges – Coinbase, Kraken and Gemini – have revealed plans to re-list XRP, roughly three years after suspending trading on the token in light of the legal tussle between the SEC and Ripple.
Update: Trading is now expected to begin in ~45 minutes, on or after 1:45 PT today, if liquidity conditions are met.
— Coinbase Assets 🛡️ (@CoinbaseAssets) July 13, 2023
XRP enthusiasts’ latest campaign comes as a court decision in the SEC ongoing lawsuit against Ripple produced ‘surprise bombshells’ in favor of the blockchain firm. The judge hearing the case apparently supported the idea that XRP, in some cases, is more like a currency than a security. As a result, there is now a new hope among XRP fans that more crypto platforms could lift their ban on XRP trading.
Earlier today, federal district judge Analisa Torres has rendered a ruling stating that programmatic sales to retail investors and distributions of XRP to Ripple employees should not be considered the sale of unregistered securities. However, the court’s judgment did not specifically address the matter of secondary market sales of XRP on cryptocurrency exchanges, leaving room for further interpretation and examination.
Given today’s ruling that the sale of XRP on exchanges is not a security, @Gemini is exploring the listing of XRP for both spot and derivatives trading.
— Gemini (@Gemini) July 13, 2023
SEC’s lawsuit was filed in 2020 against Ripple CEO, Brad Garlinghouse and Co-Founder, Chris Larsen, alleging that they raised $1.3 billion via ongoing, unregistered securities offerings since 2013.
Although Ripple contested the charges, the legal battle with the SEC has taken years as the company fights the charges in court. Since then, crypto exchanges have been careful about not associating with illegal assets as those who kept the token listed on their platforms were at risk of being sued and fined if the SEC wins its case, and the court deems XRP sales as unregistered securities.
The Ripple’s legal team assailed the SEC’s $1.3 billion lawsuit, arguing that the agency is simply “Out of Step Domestically and Globally.” Additionally, they explained that before this case, no securities regulator in the world has deemed XRP as securities.