Good news for XRP holders in New York! After a nine-month hiatus, Coinbase announced on May 23rd, 2024, that XRP trading is now available again for its New York customers.
A History of Scrutiny:
– The SEC’s lawsuit against Ripple Labs in 2020 cast doubt on XRP’s status, leading many exchanges, including Coinbase, to delist it.
– The lawsuit claimed XRP was an unregistered security.
– In 2023, a court ruling in favor of Ripple clarified that secondary sales of XRP were not considered security sales.
– This ruling paved the way for several exchanges to relist XRP.
Despite the favorable court decision, XRP faced additional hurdles in specific locations like New York. In September 2023, NYDFS removed Ripple Labs from its approved custodian list, forcing Coinbase to halt XRP trading for New Yorkers.
Coinbase actively pursued a solution and reportedly collaborated with New York State to reinstate XRP trading.
As of May 23rd, 2024, New York residents can trade XRP on Coinbase again. This development highlights the ongoing regulatory complexities surrounding XRP and other cryptocurrencies.
