Ripple Update on Coinbase
Now we will go into the most important news of the last few days. Coinbase is once again in the headlines, as the company, which was the first pure crypto exchange to go public, suspended XRP trading on January 19 of this year. The reason: possible securities fraud according to the U.S. Securities and Exchange Commission (SEC).
Now – in the wake of a technical error – XRP has been relisted for some traders on the mobile app. Various users on social media reported the relisting of XRP. As financemagnates.com reported, the XRP/USD, XRP/EUR, XRP/GBP, and XRP/BTC trading pairs were briefly listed and tradable. As the news spread, the XRP price briefly skyrocketed.
Ripple Update on SEC Complaint
We reported on December 5 that the SEC had filed an objection to Ripple’s Letter Motion to Compel. This is because the agency is currently seeking to disclose XRP trading data. This disclosure would go against SEC employees who had traded cryptocurrencies like XRP. This will include all transactions made by executives over the course of eight years.
In addition, the agency also did not answer whether it considers Bitcoin or Ethereum to be securities under Section 2 of the Securities Exchange Act of 1993. According to the SEC, this legal status is irrelevant to the case. Likewise, they commented on whether Ripple’s efforts were necessary to boost the XRP price.
In fact, the case of XRP and the SEC is a muddy legal battle. This is because different answers are repeatedly referred to other questions. This is what the agency accused the defendants of doing. Likewise, Ripple also used this tactic when answering questions at the SEC.
In today’s Ripple update, there is not much new in the SEC’s case, however, it seems that they are slowly becoming more focused. Part of the reason for the long back and forth is probably that cryptocurrencies are still a very young field of business. Therefore, there are many different product variations, all of which have yet to be decisively analyzed and declared.
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