- After being suspended since January 2021 due to regulatory concerns, Coinbase has resumed trading XRP in New York.
- As the SEC sued Ripple Labs for selling $1.38 billion worth of unregistered securities, trading in XRP was suspended.
- Users of Coinbase in New York can once more trade, convert, and store XRP on the platform.
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The news that Coinbase is allowing users in New York to trade XRP once more is a big step forward for the cryptocurrency community.
Coinbase suspended token sales on January 19, 2021, in response to a lawsuit filed by the US SEC against Ripple Labs. Through the token sales, Ripple allegedly sold unregistered securities worth $1.38 billion, according to the SEC. In the US, this resulted in numerous token suspensions and delistings, including on Coinbase.
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Its market presence was greatly affected by the initial suspension. Users were still able to deposit, store, and transfer XRP, but they were unable to exchange it for cash. To reduce potential legal ramifications from the SEC’s lawsuit against Ripple, Coinbase took this action.
Chief Legal Officer of Coinbase, Paul Grewal, posted the announcement on social media.
“XRP trading on @coinbase is available again in NY. We heard you and put in the work in strong partnership with the State. And now the word can be put out— we are back up,” he said.
In the aftermath of Coinbase resuming XRP trading for users in New York, the token’s price has stayed comparatively steady. The current price of XRP
Even with the encouraging news, XRP’s future is uncertain. The FIT21 bill, which was recently passed, defines decentralization as having no single entity control the blockchain and no related parties holding more than 20% of the cryptocurrency or voting power. This puts Ripple in grave danger.
Ripple, on the other hand, currently possesses 5,258,162,324 XRP, or 46.5% of the 100 billion token supply. In addition, escrow will apply to the 41.3 billion XRP that are currently locked. In this sense, the tale of the conflict between the business and US authorities might suddenly take a different turn.
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