Coinbase Resumes XRP Trading in New York After Nine-Month Suspension
Coinbase has reopened XRP trading in New York after a nine-month suspension due to regulatory challenges.
The suspension followed a lawsuit by the SEC against Ripple Labs, accusing them of selling XRP as unregistered securities.
Coinbase’s Chief Legal Officer, Paul Grewal, announced the resumption on social media. The SEC’s lawsuit had led to widespread delistings of XRP, but a 2023 court ruling clarified that secondary XRP sales are not securities transactions.
This decision allowed many exchanges, including Coinbase, to relist XRP.
Despite the ruling, regulatory hurdles in New York continued until recently. In September 2023, the NYDFS removed Ripple Labs from its list of approved companies, prompting Coinbase to suspend XRP trading in the state.
READ MORE: Coinbase Expands Perpetual Markets with Three New Cryptocurrencies
Now, New York customers can trade XRP on Coinbase again. Following the news, XRP’s price saw a slight increase but later stabilized, trading at $0.519 with a 1.76% decrease over the past 24 hours.
Ripple holds a significant portion of the XRP supply, with a large amount locked in escrow.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
