Coinbase Resumes XRP Trading for New York Users

As an analyst with a background in digital assets and securities law, I’m thrilled to see the return of XRP trading on Coinbase for New York residents. Paul Grewal’s announcement marks an important milestone for Ripple and its supporters, signaling a potential turning point in the regulatory landscape for this digital asset.

On May 23rd, Paul Grewal, the legal head of Coinbase, declared that residents of New York are now permitted to buy and sell XRP on both and the exchange’s mobile apps, marking an end to a nearly year-long hiatus.

XRP trading on Coinbase is once again permitted in New York. We’ve collaborated closely with the state, addressing their concerns, and are now able to make this announcement.— paulgrewal.eth (@iampaulgrewal) May 23, 2024

On X, Grewal discussed a pivotal comment that marked a resurgence of interest among XRP and Coinbase backers, while also restoring trading opportunities for one of the market’s prominent digital currencies.

As an analyst, I would put it this way: Following the SEC’s 2020 lawsuit against Ripple for allegedly selling unregistered securities, I observed that several major exchanges, including Coinbase, Bittrex, and Binance.US, initiated delistings of XRP in response. The regulatory scrutiny surrounding XRP continued to escalate both from these exchanges and various agencies.

After Judge Analisa Torres’ decision in 2023 that transactions involving XRP in secondary markets were not considered securities sales, cryptocurrency exchanges adjusted their approach and resumed listing the digital asset.

Coinbase created buzz by once again offering XRP to traders, rekindling the interest of investors who had been waiting for its reappearance on prominent trading sites. Following a positive court decision and its availability on American exchanges, XRP continued to grapple with regulatory hurdles, most significantly in Japan and New York.

In September 2023, the New York Department of Financial Services (NYDFS) took Ripple Labs off its approved list, causing Coinbase to halt XRP trading for residents of New York. To operate as custodians in New York, crypto companies need to secure approval from NYDFS on an individual basis.

As a crypto investor, I’ve noticed some exciting news that sent XRP‘s price soaring by over 3% in just an hour. The value reached a peak of $0.5392, jumping from $0.51. Currently, XRP is priced at $0.5192 according to CoinMarketcap. However, it’s important to note that since its recent high of $0.74 on March 12, 2024, the price has been gradually decreasing.

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2024-05-23 23:17