Coinbase has resumed support for XRP trading in New York State.
The top U.S. cryptocurrency exchange by trading volume was the first to halt trading of XRP nationwide in late 2020, shortly after the U.S. Securities and Exchange Commission (SEC) began its lawsuit against Ripple.
The SEC alleged that Ripple sold XRP as an unregistered security.
The suspension was lifted last July after U.S. District Judge Analisa Torres ruled that the San Francisco payments company's automated public market sale of XRP did not constitute a securities sale. Coinbase quickly relisted XRP, but the exchange banned New York users from trading the asset.
Coinbase Chief Legal Officer Paul Grewal said the exchange “worked hard in strong partnership with the state” to relist XRP in New York.
XRP is trading at $0.517 at the time of writing. The eighth-largest crypto asset by market cap has fallen by more than 2.5% in the past 24 hours.
The legal battle between Ripple and the SEC is still ongoing, despite the payments company winning a partial victory last summer, when Judge Torres agreed with the SEC's argument that Ripple's direct sales of XRP to institutional investors constituted a securities offering.
In March, the SEC asked the court to order Ripple to pay $876,308,712 in disgorgement, $198,159,400 in prejudgment interest, and $876,308,712 in civil penalties, totaling approximately $1.95 billion.
Ripple filed an opposition to the SEC's complaint last month, arguing that the court should deny the SEC's requests for an injunction, disgorgement and prejudgment interest. The company also proposed that any civil penalties should not exceed $10 million.
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