Cryptocurrencies: XRP trading is available again in New York

New York, New York… On the (too) long list of crypto projects heavily mistreated by the SEC is the project Ripple is undoubtedly in first place on the podium. In fact, since 2020, proceedings have been initiated against him regarding its cryptocurrency XRP, is considered an unregistered financial security. But after a permanent balance of power, great progress was won by Ripple Labs. This to finally find yourself face to face with a $2 billion regulatory bill that won’t pass on the side of its leaders. At the same time, pressure is easing at the New York Department of Financial Services (NYDFS) on the sensitive subject of XRP.

Ripple vs SEC: an endless balance of power

The Ripple project is almost best known for its legislative backlash only for its crypto services. This even though he has just signed off the launch of a native stablecoinin a rapidly changing digital stability sector.

A questionable decision considering strong regulatory pressure also exerted against this sector of digital stability, especially supported by the USD dollar. But the Ripple Labs structure is no more an attack by the SEC close. And his managers like to criticize his boss, Gary Gensler, recently compared to a “political handicap”. »

Ripple vs SEC: an endless balance of power
Ripple does not want to give in to the pressure from the SEC

A balance of power which clearly does not prevent certain jurisdictions from relaxing on the subject the cryptocurrency XRP. This is the case, for example, with the Financial Services Department of New York (NYDFS), which had removed Ripple Labs from its “green list” in September 2023, requiring The Coinbase platform to suspend its trade in this area.

A controversial decision because the Ripple project had won an important victory at the time. Which allowed the main exchanges to start offering XRP trading again all other places.

XRP again becomes acceptable in New York

Since July 2023, the cryptocurrency XRP is no longer considered a financial security sold without prior permission. Nonetheless first sale to institutional investors continue to maintain this status.

A notable change which made it possible to see XRP appear again on exchanges big ones like Coinbase or Gemini. But impossible to return to New York territorystill determined to make one crypto no grata in its jurisdiction.

XRP again becomes acceptable in New YorkXRP again becomes acceptable in New York
Ripple’s XRP Price – Source: TradingView

But after months of visibly intense negotiationsis the head of legal of the Coinbase platform, Paul Grewal, is pleased to announce a positive outcome of this case.

“XRP trading on Coinbase is available again in New York. We heard you and worked in strong partnership with the state. Now the message can be sent: we are back. »

Paul Grewal

Information that is more symbolic than anything else. Because the cryptocurrency XRP did not really react to this announcement, drowned in the stream of news about historical approval of Ethereum spot ETFs.

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