George Goldberg, a Senior Account Manager at Stone Bridge Ventures, predicts that BitBuy quietly relisting XRP could mean big things for the crypto industry. Now, BitBuy is the second Canada-based crypto exchange to reintroduce the token and re-enable support. And this could be the beginning of a new chapter for Ripple Labs.
SEC v. Ripple Case Pushes Exchanges to Delist XRP
Two years ago, BitBuy removed XRP from its exchange after the US SEC filed a lawsuit against Ripple Labs. The SEC claimed that the token is a security and should be subject to US securities laws in all subsequent transactions after the initial issuing of the token.
At the time, most exchanges made the decision to delist the token because of uncertainties about the court’s ruling. That’s because the SEC was confident in their argument that cryptocurrency is a security. When BitBuy delisted the token, it stated that the move was in accordance with federal regulations. Nevertheless, it also stated that it would rectify the situation if the circumstances would change.
Since then, the XRP community has made major efforts to advocate for the relisting of XRP on exchanges. As the date of the verdict drew closer, BitBuy decided to relist the token. Therefore, this latest development is a huge win for the crypto community. In addition to BitBuy, Newton also delisted the token in November 2020. In November 2022, it enabled support for the token once again.
Coinbase Not Expected to Relist XRP Right Away
Upon closer inspection of BitBuy’s recently updated legal statement of crypto assets shows that it supports XRP trading. To make sure that the exchange had really relisted the asset, traders swarmed the platform to purchase the token. Now, crypto investors are expecting prominent exchange Coinbase to follow in BitBuy’s footsteps.
Unfortunately, the chief legal officer at Coinbase, Paul Grewal, explained back in March that the exchange wouldn’t automatically relist XRP, even if Ripple Labs wins. In his statement, he elaborated it will depend on how the court rules. He acknowledged that it would be an inconvenience for many traders, but Coinbase has a responsibility to be cautious when dealing with a token subject to federal court litigation.
Exchanges Decide To Relist XRP as Verdict Draws Near
George Goldberg of Stone Bridge Ventures understood that exchanges made the decision to relist the token after speculations that the final ruling is close. Hence, it’s great that the final decision, which was in favor of Ripple, turned out the way it did.
On July 10, XRP’s value against the dollar took a tumble on the crypto exchange, Poloniex. Later on, the price recovered, and XRP was traded at almost $0.47. It’s likely that this was a glitch since it opened the day at $0.468 on July 10, after which it reached a peak of $0.48 on numerous exchanges.
This also happened in April with Bitrue’s XRP/USDT futures pair when the value crashed to $0.0001. As of now, XRP’s trading volume is going up, so George Goldberg of Stone Bridge Ventures predicts that other exchanges operating in Canada will relist the token on their exchange.