Coinbase and Kraken have revealed their plans to resume XRP trading after a two-year hiatus, while iTrustCapital has already relisted the token, and there is a possibility that other exchanges, such as Gemini, may follow suit.
Following a favorable ruling in federal court against the United States Securities and Exchange Commission (SEC), Ripple Labs could witness the return of the XRP token to cryptocurrency exchanges. The court’s decision clarified that XRP is not considered a security within the SEC’s jurisdiction. Consequently, Gemini announced in a tweet on July 13 that they are considering listing XRP for both spot and derivatives trading. Meanwhile, Coinbase and Kraken have confirmed their intention to reintroduce XRP trading for the first time in approximately two years. While the SEC has previously taken enforcement actions against exchanges like Binance and Coinbase for allegedly offering unregistered securities, the legal precedent set by the Ripple case may alleviate concerns for exchanges that offer XRP trading.
Sheila Warren, the CEO of the Crypto Council for Innovation, expressed the significance of the Ripple ruling, stating, “This is a significant development. It has been evident since the initiation of this case that it would have implications for the entire industry. This ruling fundamentally undermines the SEC’s argument regarding its authority over these underlying assets and the existence of regulatory clarity.”
Although other exchanges that delisted XRP in 2020 and 2021, including OKX, have praised the court’s decision, they have not yet indicated whether they plan to resume trading the token. iTrustCapital, a crypto firm, claims to be the first to relist XRP after the two-year gap. In contrast, Kraken’s initial social media message following the court ruling was somewhat ambiguous.
In December 2020, the SEC charged Ripple, CEO Brad Garlinghouse, and co-founder Chris Larsen, resulting in numerous exchanges that serve U.S. users, such as Gemini and Kraken, removing XRP from their listings. During that time, crypto payments processor and exchange operator Uphold stated that they would refrain from taking action on XRP until the conclusion of the court case, and they have expressed pride in supporting and standing by the XRP community in light of the court ruling.