Gemini opens XRP deposits and trading, but no custody yet
Crypto exchange Gemini has announced its support for Ripple (XRP), allowing users to deposit the cryptocurrency on its platform.
While custody is not yet available, the exchange plans to enable trading for XRP in USD, GBP, EUR, CAD, SGD, HKD, and AUD pairs.
Gemini’s decision to support XRP follows a recent ruling in the Ripple lawsuit against the U.S. Securities and Exchange Commission (SEC), which has led to other U.S.-based crypto exchanges like Coinbase, Kraken, and Crypto.com relisting the token. The addition of XRP Ledger to Gemini’s supported blockchain networks brings the total number to 13, including major cryptocurrencies like Bitcoin, Ethereum, Solana, Litecoin, and more.
The move comes as a court decision 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.
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.
The agency filed an “interlocutory appeal” to undo a judge’s recent ruling on Ripple’s sales of its XRP cryptocurrency. The SEC is seeking permission to appeal a portion of the decision while allowing other aspects of its case against Ripple to proceed to trial.
The SEC’s appeal request follows its disagreement with the initial verdict, claiming that the court’s decision was “wrongly decided.” The agency argues that the ruling goes against “fundamental securities laws principles” such as the Howey test, which determines what falls under the category of an investment contract.
Ripple, on the other hand, remains confident in the judge’s ruling and expects that an appeals court will affirm or even strengthen it. The court’s approval is required for the appeal to proceed, followed by the U.S. Court of Appeals for the Second Circuit.
