The entire crypto market is rallying after the judge overseeing Ripple V. SEC ruled that neither XRP, nor most situations in which it transacted, are securities.
The ruling has also prompted exchanges like Coinbase to relist XRP starting today.
- In a tweet on Thursday, Coinbase Assets confirmed that it will re-enable trading of XRP on XRP network, starting at 1:45 PT.
- “Once sufficient supply of this asset is established trading on our XRP-USD, XRP-USDT, and XRP-EUR trading pairs will launch in phases,” the firm stated.
Trading is anticipated to begin later today, if liquidity conditions are met. Once sufficient supply of this asset is established trading on our XRP-USD, XRP-USDT and XRP-EUR trading pairs will launch in phases. Support for XRP may be restricted in some supported jurisdictions.
— Coinbase Assets
(@CoinbaseAssets) July 13, 2023
- The decision to relist is based on Judge Torres’s ruling that “programmatic” sales of XRP, including sales on secondary markets like digital asset exchanges, are not securities transactions.
- Winklevoss-owned crypto exchange Gemini is also considering a relisting of XRP. Tyler Winklevoss said the ruling “highlights how the SEC is a failed institution.”
- The SEC alleged this was the case when it first charged Ripple with securities law violations in December 2020. Coinbase and other exchanges soon delisted XRP in response.
- Meanwhile, Coinbase stock (COIN) is up 24% on the day to $107,00, continuing a bullish trend after taking a firm defensive stance against its own SEC lawsuit last month.
- The lawsuit alleged that over a dozen coins trading on Coinbase’s platforms were securities and that its staking service was also a securities offering.
- Many of those coins are now rallying, including Cardano (ADA), Solana (SOL), and Polygon (MATIC), all of which are up over 20% on the day.
- Even Bitcoin – which the SEC had already labeled a non-security – tapped a yearly high on Thursday, rising 4% to $31,700.
- XRP has already risen 75% on the day, surpassing BNB as the fourth-largest crypto by market cap.
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