Crypto Exchanges in the US Grant XRP Listings a Fresh Opportunity Following Court Decision

Following a significant legal victory against the US Securities and Exchange Commission (SEC), Ripple Labs, the company behind XRP, is poised to make a comeback on cryptocurrency exchanges.

Gemini, a prominent crypto exchange, announced its intention to explore listing XRP for spot and derivatives trading in a tweet on July 13. This move comes after a court ruled that XRP does not fall under the SEC’s jurisdiction as a security. In a similar vein, Coinbase and Kraken also expressed their plans to reinstate XRP trading, marking a return after a two-year absence. The SEC has previously taken enforcement actions against exchanges like Binance and Coinbase for allegedly offering unregistered securities. However, the Ripple case’s legal precedent may alleviate concerns for exchanges offering XRP trading.

The significance of the court ruling was highlighted by Sheila Warren, CEO of the Crypto Council for Innovation, who stated, “This is a big deal.” She emphasized that the Ripple case has industry-wide implications and undermines the SEC’s argument about its authority over such assets, pointing out that regulatory clarity already exists.

While exchanges such as OKX, which delisted XRP in 2020 and 2021, have praised the court decision, they have not yet indicated whether they plan to resume XRP trading. On the other hand, iTrustCapital, a crypto firm, claimed to be the first to reintroduce XRP trading after a two-year hiatus. Kraken, in its initial response on social media following the court ruling, offered a more ambiguous message.

The SEC had charged Ripple, along with its CEO Brad Garlinghouse and co-founder Chris Larsen, in December 2020. This led to a widespread removal of XRP listings from exchanges serving US users, including Gemini and Kraken. Uphold, a crypto payments processor and exchange operator, had previously announced that it would withhold any action on XRP until the conclusion of the court case. Uphold expressed its support for the XRP community in light of the court ruling.

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