Coinbase, Kraken will relist XRP following Ripple summary judgement
Coinbase delisted XRP in the wake of the SEC’s lawsuit at the tail-end of 2020
FrankHH/Shutterstock modified by Blockworks
Coinbase will re-enable trading for XRP following a Thursday court ruling.
A U.S. District Judge, Analisa Torres, ruled that Ripple’s XRP is not a security when traded on secondary exchanges, even if its institutional sales do meet that definition — handing Ripple partial victory in a case that dates back to 2020.
Following the ruling’s release, Coinbase chief legal officer Paul Grewal tweeted that “it’s time to relist” XRP.
Coinbase announced on Twitter that XRP trading is “anticipated to begin later today, if liquidity conditions are met.”
The decision from Coinbase comes as other exchanges, including Gemini, mull whether to relist XRP.
Gemini said it was “exploring the listing of XRP for both spot and derivatives trading” earlier Thursday.
XRP markets have risen sharply since the court ruling, with the digital asset’s price up more than 70% in the past day.
In the Thursday ruling, the Court said that “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”, the court ruled.
However, the Court also ruled that institutional sales were different because “reasonable investors…in the position of the Institutional Buyers, would have purchased XRP with the expectation that they would derive profits from Ripple’s efforts.”
Kraken will also relist XRP for traders in the United States.
Trading via the Kraken app and instant buy will be available once liquidity conditions are met, the exchange said in a blog post. It will trade against all fiat pairs as well as ETH, BTC, and USDT.
Coinbase stock soars
Coinbase stock, which trades under the ticker COIN, was up 25% heading into the close. The stock is nearing a 52-week high of $116.
Over the past month, COIN has skyrocketed nearly 99% following multiple filings for spot bitcoin ETFs from traditional finance giants BlackRock, Fidelity and WisdomTree.
Coinbase and Cboe “reached an agreement on terms” to establish a surveillance-sharing agreement in order to appeal to the SEC.
Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.
