At 7:40 p.m. UTC on 13 July 2023, around four hours after U.S. district judge Analisa Torres’s order (or ruling) in the SEC vs. Ripple lawsuit got filed at the U.S. District Court for the Southern District of New York, Paul Grewal, Chief Legal Officer at Coinbase, delivered the news that XRP holders had long been waiting to hear, namely that Coinbase was going to relist XRP, a digital asset it delisted in January 2021 (a month after the SEC initiated a lawsuit against Ripple Labs, Chris Larsen, and Brad Garlinghouse).
Grewal went on to cite two important statements from the ruling:
- Page 15: “XRP, as a digital token, is not in and of itself a ‘contract, transaction[,] or scheme’ that embodies the Howey requirements of an investment contract.“
- Page 25 : “Ripple’s Programmatic Sales of XRP [on digital asset exchanges] did not constitute the offer and sale of investment contracts.“
As for when trading in XRP will begin on Coinbase, this is what the exchange had to say on Twitter:
- “Coinbase will re-enable trading for XRP (XRP) on the XRP network. Do not send this asset over other networks or your funds may be lost. Transfers for this asset remain available on @Coinbase & @CoinbaseExch in the regions where trading is supported.”
- “Trading is anticipated to begin later today, if liquidity conditions are met. Once sufficient supply of this asset is established trading on our XRP-USD, XRP-USDT and XRP-EUR trading pairs will launch in phases. Support for XRP may be restricted in some supported jurisdictions.“
Coinbase (NASDAQ: COIN) stock closed at $107.00 today, up 24.49% on the day.
Meanwhile, crypto exchange Gemini has announced that it is “exploring the listing of XRP for both spot and derivatives trading.”
As of 8:50 p.m. UTC on 13 July 2023, XRP is trading at around $0.820, up 74.03% in the past 24-hour period.
Featured Image Credit: Coinbase