As a researcher with a background in finance and experience following the crypto industry closely, I find Coinbase’s decision to reopen XRP trading for New York users an intriguing development. The ongoing legal dispute between Ripple and the SEC has created uncertainty in the market, and Coinbase’s move signals a potential shift in the regulatory landscape.
Coinbase, a prominent US cryptocurrency exchange, has taken a noteworthy step by resuming XRP trading for customers residing in New York, despite an ongoing legal battle between Ripple, the decentralized platform, and the United States Securities and Exchange Commission (SEC).
As a researcher studying the cryptocurrency market, I can share that Coinbase’s decision to resume XRP trading represents a significant move for the platform. Previously, Coinbase had suspended XRP transactions following the SEC’s lawsuit against Ripple. This development unfolds as we approach a pivotal point in the legal battle, with the court poised to deliver its judgment imminently.
XRP Makes A Comeback On Coinbase
When the SEC filed a lawsuit against Ripple Labs in early 2021, Coinbase responded by restricting XRP trading pairs on its platform. Initially, the exchange began limiting transactions to only “limit orders,” gradually reducing access before ultimately halting all XRP trades on January 19, 2021.
Paul Grewal, the top legal executive at Coinbase, revealed on Thursday that XRP trading is once again available for New York users via a social media update. He acknowledged the input of the community and highlighted the cooperative efforts taken with the state to restore this feature.
The long-drawn-out court case between Ripple and the Securities and Exchange Commission (SEC) is nearing its end. After submitting their arguments in the form of briefs, both sides are now waiting for Judge Analisa Torres to make her final decision.
Prior to issuing a decision on Ripple’s request to keep its financial records confidential, the court will first consider and make a determination on this matter.
After the court decision, Ripple has two weeks to make available the required documents in their entirety or with redactions. The Securities and Exchange Commission (SEC) is proposing a hefty penalty of approximately $2 billion against Ripple’s decentralized payment system. In contrast, Rippe is advocating for a more moderate fine amounting to $10 million.
Ripple Lawsuit Hangs In The Balance
The latest regulatory advancements, such as the approval of the Financial Innovation and Technology for the 21st Century Act (FIT21) in the US House of Representatives, may have implications for Ripple’s ongoing lawsuit and the broader crypto market.
FIT21 strives to set up a regulatory structure for digital assets, bringing essential clarity and encouragement for technological advancements. Nevertheless, the Securities and Exchange Commission (SEC), under Chair Gary Gensler’s leadership, has raised concerns regarding consumer protection in this legislation and underscores the relevance of current regulations to the crypto industry.
As a analyst, I would express it this way: I, as an analyst, can confirm that President Biden has voiced his apprehensions and even warned of a potential veto regarding the current form of the bill. The resolution of these regulatory negotiations holds immense weight for the industry’s future development.
In the end, Coinbase’s move to restart XRP transactions in New York signifies a significant change in their position towards this cryptocurrency, as Ripple faces an ongoing legal dispute with the Securities and Exchange Commission (SEC).
As I analyze the ongoing legal proceedings against Ripple, I can’t help but feel the tension building in the crypto industry. The impending ruling by Judge Analisa Torres will significantly impact Ripple’s future and potentially shape the regulatory landscape for cryptocurrencies in the US market. This decision carries far-reaching consequences that go beyond just Ripple, making it a pivotal moment for the entire industry.
As a market analyst, I would express it this way: The current value of XRP is at $0.534, with no price shift observed in the previous 24 hours. However, over the last two weeks, XRP has registered a positive trend, recording growth of approximately 4.1%.
Read More
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- ETHW PREDICTION. ETHW cryptocurrency
- Ethereum (ETH) Crashes Dramatically, What’s Next? Solana (SOL) Can Still Reach $200, XRP Struggling Before $0.63 Test
- ALPINE PREDICTION. ALPINE cryptocurrency
- Survival Horror Games With an Unkillable Enemy
- Marvel Rivals Players Aren’t Happy With The Gold Rank Competitive Reward
- Scream 7 Needs To Unite The Fanbase
- Pokemon Fan Shares Adorable Twin Umbreon Rug
2024-05-23 23:41