On the heels of a much publicized ruling in the New York District Court in favor of Ripple Labs in part in its dispute with the Securities and Exchange Commission, more good news came Ripple’s way on Thursday afternoon. Major exchanges have announced their decision to relist Ripple’s XRP token, which is up 37% after breaking the legal ruling.
The news of the re-listing came as an added bonus to the crypto market with enough reason to celebrate. Cryptocurrency has always struggled for mainstream acceptance. The major exchanges’ decision to allow XRP trading is a symbolic, legal and practical victory. Although, the problems of Ripple are not over yet.
XRP Coinbase Triumph
in tweet Coinbase posted at 3:35pm Thursday that it will allow XRP trading. The exchange warned, “Do not send this asset through other networks, or you may lose your money.”
at 4:08 p.m., A.J tweet Blockworks announced the decision of another exchange, Kraken, to re-list XRP.
Twitter was already exploding with statements and comments praising Judge Annalisa Torres’ decision that Ripple’s sale of its token on public exchanges did not violate securities laws.
The model was a file comment From Tyler Winklevoss, one of the billionaire twins who launched Gemini with a celebrity personal net worth of $100 million. And he sought to build a crypto empire, with admittedly mixed results.
“Today’s Ripple ruling confirms @SECGov and GaryGensler are not the cryptocurrency regulators,” he wrote on Twitter.
Meanwhile, the SEC hit back hard at ripple and cryptocurrency enthusiasts with a strongly worded statement of its own. An indication that this part of Thursday’s ruling is not in favor of Ripple selling XRP via non-public channels.
“We are pleased that the court found that XRP tokens were offered and sold by Ripple as investment contracts in violation of securities laws in certain circumstances. The court agreed with the SEC that the Howey test governs securities analysis of cryptocurrency transactions and rejected Ripple’s artificial test as to what constitutes investment contract,” the SEC wrote.
The SEC plans to fight Ripple in court to the end.
This is a developing story…
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