After a little over two years, many American crypto exchanges and crypto service providers are now taking the Ripple cryptocurrency back into their offerings.
After Ripple Labs scored a major victory in federal court against the U.S. Securities and Exchange Commission (SEC), the company’s proprietary cryptocurrency XRP is returning to domestic crypto exchanges.
In a tweet yesterday, July 13, crypto exchange Gemini first announced accordingly that it would be reintroducing XRP for spot and derivatives trading after the court ruled that the cryptocurrency was not a security for the time being as defined by the SEC. Coinbase also announced a little later that the American market leader will reactivate XRP trading for the first time in about two years.
Yet crypto trading platforms in the U.S. are actually urged to be cautious, as the Securities and Exchange Commission recently sued Binance and Coinbase for unregistered securities trading. The legal precedent that Ripple has now set could therefore give crypto exchanges important breathing room, and not just as far as trading XRP is concerned.
“This is a big deal,” as Sheila Warren, CEO of the Crypto Council for Innovation, fittingly comments on the Ripple ruling. To which she adds, “It was clear from the beginning that this case would have implications for the entire industry. That’s because this decision fundamentally undermines the SEC’s argument that it has authority over cryptocurrencies and that regulatory clarity already exists.”
Other exchanges that delisted XRP in 2020 and 2021, including OKX, have also praised the court decision but have yet to indicate whether they plan to resume trading the token. Crypto firm iTrustCapital, meanwhile, even claims to be the first to bring back XRP after two years, while crypto exchange Kraken’s first message after the court ruling was rather ambiguous before it later officially announced that it will also reintroduce the Ripple cryptocurrency.
The SEC originally filed charges against Ripple, CEO Brad Garlinghouse, and co-founder Chris Larsen in December 2020, leading to a massive exodus of XRP listings on U.S. crypto exchanges. Only crypto payment processor and exchange operator Uphold announced at the time that it would not make a decision regarding XRP until the conclusion of the lawsuit and kept the token in trading.
“We are proud to have supported and stood by the XRP community,” as Uphold is accordingly now pleased with the court ruling.
Image by Miloslav HamĹ™Ăk from Pixabay
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