Coinbase Relists XRP After Ripple Wins in Lawsuit Against SEC

Coinbase, one of the most prominent cryptocurrency exchanges in the world, has acted quickly after news of Ripple’s legal victory. Just hours after the verdict was announced, Coinbase announced that it has immediately reopened XRP trading. The exchange announced this news via a message on Twitter at 1:30 AM.

In their statement, Coinbase described XRP’s relisting as “a big win for Ripple, a big win for the entire industry, for developers, and a critical step towards clearer regulation and shaping a new financial system.”

Court Decision: XRP is No Security

Judge Analisa Torres of the Southern District of New York has issued a landmark verdict in favor of Ripple Labs. This summary judgment has brought about a crucial change of course in the process, ruling that the XRP token cannot be universally categorized as a ‘security’.

In this landmark decision, Judge Torres stated that, depending on the specific context, the XRP token does not fall within the definition of “security” as set by the US Securities and Exchange Commission (SEC). This marks a convincing victory for Ripple on three of the four points raised by the SEC. Judge Torres’ ruling sets a new precedent in the ongoing debate over the classification of cryptocurrencies under federal securities law.

XRP Price Shoots Up

Following the announcement, the XRP price is up 70 percent and stands at $0.795 at the time of writing. For comparison, the price was around $0.47 yesterday. The courtroom victory and the subsequent relisting of XRP on Coinbase clearly had a positive impact on the XRP price.

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The win in the lawsuit and XRP’s subsequent relisting on Coinbase are important steps in XRP’s legitimization as a digital currency and cement Ripple’s position as a major player in the crypto world.

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