On the heels of the much-heralded ruling in a New York district court partly favoring Ripple Labs in its feud with the SEC, more good news came Ripple’s way Thursday afternoon. Major exchanges announced their decision to re-list Ripple’s XRP token, which shot up 37% after the legal decision broke.
[Update July 14, 2023, 07:09 UTC] Following the XRP re-listings on Coinbase and Kraken, Binance.US also listed XRP and opened deposits on July 14.
News of the re-listing came as an added bonus for a crypto market with ample reason to celebrate. Crypto has long fought for mainstream acceptance. The decision of major exchanges to allow XRP to trade is a symbolic as well as legal and practical victory, even though Ripple’s troubles are far from over.
The XRP Coinbase Victory
In a tweet sent out at 3:35 p.m. on Thursday, Coinbase, one of the world’s most popular cryptocurrency exchanges, said it would permit XRP trading. “Do not send this asset over other networks or your funds may be lost,” the exchange cautioned.
At 4:08 p.m., a tweet from Blockworks announced the decision of another exchange, Kraken, to re-list XRP.
Twitter was already exploding with statements and comments lauding the decision of Judge Analisa Torres that Ripple’s sale of its token on public exchanges did not violate securities laws.
Typical was a comment from Tyler Winklevoss, one of the billionaire twins who launched Gemini with a reputed $100 million of their personal fortune. And sought to build a crypto empire, with admittedly mixed results.
“The Ripple ruling today confirms that the @SECGov and @GaryGensler are not the regulator of crypto,” he tweeted.
Meanwhile, the SEC hit back hard at Ripple and crypto enthusiasts with a strongly worded statement of its own. Alluding to that portion of the Thursday ruling not favorable to Ripple’s sale of XRP through non-public channels.
“We are pleased that the court found that XRP tokens were offered and sold by Ripple as investment contracts in violation of the securities laws in certain circumstances. The court agreed with the SEC that the Howey Test governs the securities analysis of crypto transactions and rejected Ripple’s made-up test as to what constitutes an investment contract,” the SEC wrote.
The SEC plans to fight Ripple in court to the end.
This is a developing story…
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