Several crypto exchange companies have announced that they will relist XRP for trading in the wake of a favorable court ruling from a US Federal Judge regarding the legal battle between Ripple Labs and the Securities and Exchange Commission (SEC).
The decision by these exchanges to reinstate XRP trading reflects a renewed sense of optimism and growing clarity surrounding the regulatory status of the popular digital asset.
Coinbase Takes the Lead to Relist XRP
As one of the world’s largest crypto exchanges, Coinbase’s decision to halt XRP trading due to the ongoing legal uncertainty had a significant impact. However, in response to the recent court ruling in favor of Ripple Labs, Coinbase wasted no time in announcing the resumption of XRP trading on its platform.
“We’ve read Judge Torres’ thoughtful decision. We’ve carefully reviewed our analysis. It’s time to relist, ” Coinbase Chief Legal Officer Paul Grewal tweeted on Thursday.
Competing Exchanges Join the Fold
Following Coinbase’s decision, other prominent exchanges soon followed suit. Crypto.com, a well-known platform, tweeted about the availability of XRP trading at true cost with various fiat currencies. The announcement showcases the exchange’s commitment to providing its users with a seamless trading experience for XRP.
Similarly, Kraken Pro, another prominent exchange, also took to Twitter, enthusiastically declaring that XRP is “back in full-trading mode” on its platform.
Furthermore, Gemini crypto exchange has also announced its desire to investigate relisting XRP on its platform. Gemini noted the ramifications of the court decision and said it is thinking about listing XRP for both spot and derivatives trading.
Mixed Ruling from Federal Judge
In a significant development for Ripple Labs and its digital asset XRP, Judge Analisa Torres issued a mixed ruling, providing partial clarity on the legal status of the crypto.
While some of Ripple’s sales of XRP were deemed not to meet the definition of a securities offering, the judge also stated that Ripple’s sales to institutional buyers constituted unlawful securities sales. This ruling showcases the complexities surrounding the regulatory classification of XRP and highlights the need for further legal interpretation and guidance.
Further Regulatory Guidance Needed
Judge Torres’s ruling underscores the need for further regulatory guidance and legal interpretation in the crypto industry. The complexities surrounding the classification of digital assets as securities or commodities remain a topic of debate, and a clear and consistent framework is necessary to provide clarity for market participants.