New York users get rewards for XRP trading through Coinbase

Coinbase, the largest cryptocurrency exchange in the United States, has relisted XRP for trading by its users who are residents of New York.

Coinbase announced this XRP relisting for New York users in a post on one of its official accounts. Coinbase’s chief legal officer Paul Grewal also confirmed the announcement.

In the statement, Grewal noted that Coinbase worked closely with state authorities to restart XRP trading in New York after receiving numerous requests from users.

Notably, Coinbase halted XRP trading in January 2021 following a lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Ripple, classifying XRP as an unregistered security. Coinbase and other U.S. exchanges subsequently relisted XRP in July following a court decision showing that XRP was not a security. Still, the New York deal remained unavailable until this recent update.

This is due to New York’s well-known strict regulation of cryptocurrencies, particularly its “BitLicense” framework, which poses significant operational challenges for businesses within the state.

Interestingly, despite a federal court ruling that XRP is not a security, New York regulators still amended their “green list” of allowed assets to remove XRP from the list.

Ultimately, Coinbase’s latest announcement suggests that the exchange and regulators in New York have reached a mutually beneficial agreement, paving the way for XRP’s relisting.

XRP price rises by 3% after relisting

Notably, the slight price increase came as Coinbase reopened XRP trading to New York users. Market data confirms that XRP price temporarily increased by 3.15% to reach a new high of $0.5392 per share. The chart shows that the moment of temporary price increase coincided with the time of Coinbase’s announcement.

At the same time, everyone still remembers that in July last year, due to a successful lawsuit, exchanges such as Gemini, Kraken and Binance.US relisted XRP, causing its price to surge by 100% in 24 hours, almost returning to the $1 range.

Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article may contain the personal opinions of the author and do not necessarily reflect the views of The Crypto Basic. Readers should perform adequate research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.