Coinbase is relisting Ripple XRP after US judge rules it's not a security KossyDerrickBlog KossyDerrickEnt

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Thursday, July 13, 2023

Coinbase is relisting Ripple XRP after US judge rules it's not a security

Coinbase has relisted Ripple XRP after US judge rules it's not a security.

XRP markets have risen sharply since the court ruling, with the digital asset’s price up more than 70% in the past day.

In the Thursday ruling, the Court said that “XRP, as a digital token, is not in and of itself a “contract, transaction[,] or scheme” that embodies the Howey requirements of an investment contract”, the court ruled.

However, the Court also ruled that institutional sales were different because “reasonable investors…in the position of the Institutional Buyers, would have purchased XRP with the expectation that they would derive profits from Ripple’s efforts.”

Coinbase will re-enable trading for XRP following a Thursday court ruling. 

A U.S. District Judge, Analisa Torres, ruled that Ripple’s XRP is not a security when traded on secondary exchanges, even if its institutional sales do meet that definition — handing Ripple partial victory in a case that dates back to 2020. 

Following the ruling’s release, Coinbase chief legal officer Paul Grewal tweeted that “it’s time to relist” XRP. Following reports that the ruling is on the verge of getting released, BitBuy has quietly relisted the digital asset, becoming the second to do so. Another Canadian exchange, Newton, was the first to relist XRP in November 2022. 

Mason Versluis, XRP community influencer and founder of Gold Squad was the first to draw the attention of the crypto community. After quickly going through its mobile app, it was confirmed that XRP and all of its trading features have been restored. 

A careful look at BitBuy’s updated legal Crypto Assets Statement also shows that the exchange now supports XRP trading. The decision from Coinbase comes as other exchanges, including Gemini, mull whether to relist XRP. 

Gemini said it was “exploring the listing of XRP for both spot and derivatives trading” earlier Thursday. Two years ago, several top crypto exchanges made a quick move to delist XRP following the US Securities and Exchange Commission’s lawsuit against Ripple Labs. The decision was largely linked to the uncertainties of the court ruling as SEC was strong in their argument that the digital asset is a security.

One of these exchanges was the Canadian-based firm BitBuy. The exchange stated that its delisting was in commitment to Canadian regulations. However, it promised that it would react appropriately when things change. 

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