Coinbase, the leading cryptocurrency exchange based in the United States, has made an exciting announcement for its users in New York. The exchange has reinstated XRP trading for New Yorkers, as confirmed by Paul Grewal, Coinbase’s Chief Legal Officer.
In his statement, Grewal mentioned that Coinbase worked closely with state authorities to bring back XRP trading, responding to the increasing demands from users. It is worth noting that Coinbase had suspended XRP trading in January 2021 after the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple, alleging that XRP was an unregistered security.
However, in July, Coinbase and other U.S. exchanges relisted XRP following a court ruling that declared XRP as not being a security. Despite this ruling, trading in New York remained unavailable due to the state’s stringent cryptocurrency regulations, particularly the challenging “BitLicense” framework that businesses have to comply with.
Interestingly, even after the federal court ruling, the New York regulator decided to exclude XRP from its “green list” of permissible assets. Nevertheless, Coinbase’s recent announcement indicates that the exchange and the regulatory body in New York have come to a mutual agreement, allowing for the relisting of XRP.
Coinciding with the news of XRP trading being reinstated for New Yorkers, XRP experienced a small price surge. Market data reveals that XRP briefly spiked by 3.15% and reached a new daily high of $0.5392. The price increase occurred around the same time as Coinbase’s announcement.
It is worth recalling that in July of last year, XRP witnessed a significant price surge of over 100% within a 24-hour period when exchanges such as Gemini, Kraken, and Binance.US relisted it after the lawsuit victory.
Disclaimer: This article is intended for informational purposes only and should not be considered as financial advice. The opinions expressed in this article are the author’s own and do not reflect the views of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions, and The Crypto Basic will not be held responsible for any financial losses incurred.