XRP Relisting Movement Gains Momentum Amid Delayed SEC Lawsuit

  • The recent push has received backing from Coinbase’s CLO.
  • A decision in the Ripple vs SEC probe is expected in two months.

The Ripple (XRP) community is reportedly stepping up efforts to have the cryptocurrency listed again on trading platforms after Coinbase pulled it off. This was allegedly due to the continuing legal conflict between Ripple Labs and the US Securities and Exchange Commission, as reported by familiar sources.

Despite more than two years of legal wrangling, XRP has yet to be recognized as a security, with community members pushing the hashtag ‘#relistXRP’ on Twitter to drum up support for its reinstatement. The community’s latest push has received a boost from Paul Grewal, Coinbase’s Chief Legal Officer, who has backed claims by attorney John Deaton that XRP is not a security.

Grewal supported Deaton’s assertions on Twitter by asserting that “investment contracts” must adhere to strict requirements that Congress and the Supreme Court have interpreted. Grewal asserts that secondary transactions of digital assets, including XRP, do not include “investment” or “contracts.”

According to attorney John E Deaton, a decision in the ongoing Ripple vs SEC case is expected in about two months. However, he cautioned that the outcome of this highly anticipated case in the cryptocurrency market might take even longer.

The most recent decision in the case was made on March 6, 2023, by Judge Analisa Torres, who, according to records,  denied the SEC’s efforts to exclude testimony. However, while the SEC’s actions against Ripple Labs may have caused concern among some investors, many believe that XRP has not been given a fair hearing and should be treated like any other cryptocurrency.

Ripple’s native token, XRP, trades hands at $0.496568 at press time, a 3.6% fall in the past 24 hours, according to Coinmarketcap data. On the other hand, its trading volume is at $1.1 billion, a 14.4% drop in the same timeframe.

Related Articles

Back to top button