The Ripple (XRP) community is intensifying its efforts to reinstate cryptocurrency on trading platforms following its removal by Coinbase. According to reliable sources, this decision was attributed to the ongoing legal dispute between Ripple Labs and the US Securities and Exchange Commission.
Despite a prolonged legal battle over two years, XRP has yet to be officially classified as a security. To garner support for its reinstatement, community members have taken to Twitter with the hashtag ‘#relistXRP.’ Recently, Paul Grewal, Coinbase’s Chief Legal Officer, has lent his support to attorney John Deaton’s claims that XRP does not fall under security.
Grewal took to Twitter to back Deaton’s claims, emphasizing the importance of adhering to Congress and the Supreme Court’s strict requirements for “investment contracts.” According to Grewal, secondary transactions involving digital assets, such as XRP, do not fall under “investment” or “contracts.”
Attorney John E Deaton has provided an update on the Ripple vs. SEC case, stating that a verdict is anticipated within the next two months. While the cryptocurrency community eagerly awaits this news, Deaton has advised caution, noting that the outcome of this high-profile case may take longer than expected. As a legal professional, Deaton understands the complexities of the case and the potential implications of the verdict, and those following the proceedings highly value his insights.
On March 6, 2023, Judge Analisa Torres delivered the latest ruling in the ongoing case, denying the SEC’s request to exclude testimony. Despite the SEC’s actions against Ripple Labs causing unease among certain investors, there is a growing sentiment that XRP deserves a fair and impartial evaluation, just like any other cryptocurrency.
According to the latest data from CoinMarketCap, Ripple’s native token XRP is currently trading at $0.496568, representing a 3.6% decline over the past 24 hours. Meanwhile, its trading volume decreased by 14.4% in the same timeframe, currently at $1.1 billion.
