As an analyst with a background in cryptocurrency and experience in following regulatory developments, I’m thrilled to see Coinbase finally enabling XRP trading for its New York users. The long-awaited announcement comes after the SEC’s ruling that secondary sales of XRP are not considered securities, which paved the way for exchanges to resume listing the token.
I, as an analyst, can share that starting Thursday, New York-based Coinbase users have the opportunity to trade XRP cryptocurrency on the platform. This information was disclosed in a recent announcement from Paul Grewal, who holds the position of chief legal officer at Coinbase.
In a recent social media update, Grewal expressed, “Your concerns were addressed, and we’ve collaborated effectively with the State. Now it’s time to share the news: we’re here to support you once again.”
In early 2021, Coinbase temporarily halted XRP trading due to legal action taken by the U.S. Securities and Exchange Commission (SEC) against Ripple.
In July last year, Coinbase and other exchanges began allowing the trading of the contentious XRP token following a court decision that such sales did not classify as securities. Yet, up until now, XRP transactions have not been endorsed in New York.
In simpler terms, New York has a reputation for imposing tough rules on cryptocurrencies. The BitLicense regulatory scheme makes it quite difficult for businesses to function within its jurisdiction.
Recently, Robinhood made it possible for its New York users to access and trade Shiba Inu (SHIB) cryptocurrency.
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2024-05-23 17:06