After two years, Coinbase said it will reenable XRP trading, Kraken and iTrustCapital announced they had already relisted the token, and exchanges including Gemini may follow suit.
Following a victory in federal court against the United States Securities and Exchange Commission (SEC), Ripple Labs may see the XRP coin returning to cryptocurrency exchanges.
In a July 13 tweet, crypto exchange Gemini said it planned to explore listing XRP XRP $0.78 for spot and derivatives trading after a court ruled the coin was not a security under the SEC’s purview, while Coinbase said it will reenable XRP trading for the first time in roughly two years. The SEC has taken enforcement actions against exchanges, including Binance and Coinbase, for alleged unregistered securities offerings, but the legal precedent from the Ripple case may allow exchanges offering XRP trading to breathe a little easier.
“This is a big deal,” said Crypto Council for Innovation CEO Sheila Warren on the Ripple ruling. “It’s been clear since this case was filed that it would have implications across the entire industry. This fundamentally undercuts the SEC’s argument that it has the authority over these underlying assets and that regulatory clarity already exists.”
Other exchanges that delisted XRP in 2020 and 2021, including OKX, have lauded the court decision but not suggested whether they planned to return to trading the token. Crypto firm iTrustCapital claimed to be the first to bring back XRP after two years, while crypto exchange Kraken’s initial message on social media following the court ruling was more ambiguous before officially announcing it would relist the token.
The SEC announced charges against Ripple, CEO Brad Garlinghouse and co-founder Chris Larsen in December 2020, prompting a mass exodus of XRP listings on exchanges offering services to U.S. users. Crypto payments processor and exchange operator Uphold said at the time it would not take action on XRP until the conclusion of the court case.
“We are proud to have supported and stood by the XRP community,” said Uphold on the court ruling.