Coinbase, the largest cryptocurrency exchange in the United States, has finally relisted in XRP, the cryptocurrency distributed primarily by Ripple.
It should be remembered that Coinbase revealed its intention to re-list XRP a few hours ago after the court verdict on its security status.
w
W for @vibe.
W for industry.
W for builders.
W for a clear rulebook.
W to update the system.Oh, and XRP is now open for trading.
โ Coinbase ๐ก๏ธ (@coinbase) July 13, 2023
Also read: The US Faster Payments Council highlights the cross-border payment capabilities of Ripple and XRP
XRP is now the fourth largest cryptocurrency
Unsurprisingly, XRP has embarked on a meteoric trend in terms of price ever since the result of the longstanding lawsuit was made public.
For the better part of the last two years, XRP had been changing hands between the sixth and seventh place in the market ranking. But after the bullish announcement, the digital asset went wild. It jumped to outperform both USD Coin (USDC) and Binance Coin (BNB) within a few hours.
At the time of writing, XRP is trading at $0.783, up 66% in the past 24 hours, according to CoinMarketCap.
Brad Garlinghouse: The most important part is that XRP is not a security
Although there are still court proceedings After the recent victory, Ripple CEO Brad Garlinghouse said that the most important part of this ruling is that XRP is considered a digital token.
Brad Garlinghouse tweeted, โThe most important part of this ruling: "XRP, as a digital token, is not itself a" contract, transaction[,] or schemeโ that incorporates the Howey requirements of an investment contractโ. This is now a matter of law (not subject to trial)..โ
The most important thing about this sentence:
"XRP, as a digital token, is not itself a" contract, transaction[,] or schemeโ that incorporates the Howey requirements of an investment contractโ.
This is now a matter of law (not subject to trial).
โBrad Garlinghouse (@bgarlinghouse) July 13, 2023
The decision is also a huge victory for the cryptocurrency industry as a whole. It sets a precedent that could bring regulatory clarity to the crypto industry in the United States.
Garlinghouse also said in a statement that the ruling was "a watershed moment for the cryptocurrency industry." He added that the decision "validates our belief that XRP is a utility token and not a security."
The decision shocked the crypto community, with the price of XRP rising more than 65% in the last 24 hours.
Also read: The analyst says that the lawsuit against the Ripple executives is almost lost. this is why
What does this mean for the future of crypto regulation?
Ripple's ruling is a huge victory for the cryptocurrency industry, but it's not the end of the story. The SEC is still considering whether to appeal the decision, and the case may reach the Supreme Court.
Even if the SEC does not appeal, the ruling is likely to have a significant impact on the future of cryptocurrency regulation. The SEC's case against Ripple was based on the argument that XRP is a security because it was sold to investors with the expectation of making a profit. However, the court found that XRP is not a security because it is not an investment contract.
It has been deduced that this ruling could make it more difficult for the SEC to regulate other cryptocurrencies in the future. If the SEC cannot argue that a cryptocurrency is a security simply because it is being sold to investors with the expectation of making a profit, then it will have to find other ways to regulate the industry.
It is still too early to say what the long-term impact of the ruling will be, but it is clear that it is a huge victory for the cryptocurrency industry. The ruling could help pave the way for further innovation and investment in the space.
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