Ripple vs SEC lawsuit has become more fascinating after the latest hearing of the LBRY vs SEC lawsuit on January 30. During the hearing, the Judge made it clear that digital assets traded in the secondary markets are not securities. With the judgment, the sentiments for the Ripple vs SEC case have been coiling up with an expectation of a similar judgment to be produced soon.
A couple of years before, when SEC framed charges against Ripple on charges of illegal sale of XRP, all the US-based exchanges had delisted. Meanwhile, this did not impact the XRP price to rise but the adoption remained restricted. However, the company stood strong fighting all the allegations and bringing the case close to its closure.
Furthermore, now that LBRY and XRP are not considered securities, there is a strong push to relist the XRP token.
Coinbase should relist $XRP.
Under the SEC vs LBRY standard, $XRP sold by secondary holders is not a security.
— LBRY ? (@LBRYcom) February 1, 2023
It has to be noted that, Coinbase was never forced to delist XRP, but it choose to delist on there own out of fear of the SEC. Now that Coinbase shareholders & investors deserve to trade XRP, it’s time for the platform to make a stand. Moreover, US traders are also deprived of the recent Flare token airdrop.
Coinbase exchange has been one of the most popular crypto exchanges of all time and a positive step towards relisting XRP may not only uplift the token’s price but the entire crypto space.
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Sahana Vibhute
A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.
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Over the past few weeks, much anticipation had been building about the future of XRP after Coinbase, the influential US-based cryptocurrency exchange, declared it is not a security. In the wake of this news, speculation quickly built that resultant of the decision could be Ripple’s XRP being added to the list of cryptocurrencies offered by Coinbase.
It seems that market confidence in the virtual currency has re-emerged following the statement that the Currency is not deemed a security. The recent surge in the volatility of XRP’s price over the past week suggests that the market suggests that they are expecting Coinbase might add XRP to its list of available cryptocurrencies.
The internal company’s decision on whether XRP should be listed or not should be made soon. Coinbase’s decision to add new digital assets is based on strict independent criteria, and its internal team of risk and compliance professionals have a rigorous process to assess digital assets. The decision will be valued not only because of the positive effect on the currency but also because of the confidence the decision will give to the larger virtual currency market following in the footsteps of SEC and other government financial regulators’ statements that they do not deem all cryptocurrencies as securities.
The move has not just been limited to XRP, with news also coming out that Ethereum Classic, a hard fork of the Ethereum blockchain, could be a potential listing. If this is the case, then it too could have positive repercussions on the digital currency markets, with the possibility of boosting market confidence in the digital currency market following Coinbase’s announcement.
For the moment, Coinbase’s internal decision on whether to list XRP or not is still unknown, yet the announcement from Coinbase that XRP is not considered a security could be an important step forward for digital currency markets as a whole. A decision to list Ripple’s XRPs would be an even stronger sign that cryptocurrency digital markets have the potential to flourish and mature, despite being sceptically viewed by some in the financial sector.
Ultimately, Coinbase’s decision on the listing of XRP is still a mystery, however the potential effects of the news have been confirmed by many in the currencies market. Time will tell what Coinbase’s decision, but the implications of this decision could be significant. Regardless of the outcome, it’s clear that XRP and the wider digital currency market are being taken seriously.
