Gemini, the US-based crypto exchange, announced its support for XRP following Ripple’s recent legal breakthrough.
Gemini Enables XRP Deposits
Effective immediately, Gemini users can deposit XRP tokens on the platform. This decision comes after a prolonged absence due to the legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC).
In December 2020, the SEC filed a lawsuit against Ripple Labs, alleging that the company conducted an unregistered securities offering by selling XRP tokens.
Consequently, several leading cryptocurrency exchanges, including Gemini, decided to delist XRP from their trading platforms to mitigate any potential regulatory risks. This move left XRP holders and traders uncertain about the future of the digital asset.
However, the recent partial victory achieved by Ripple Labs in the court battle against the SEC has spurred Gemini to reconsider its stance on the token.
Traders and investors can now engage in XRP trading through various channels offered by Gemini, including the API/FIX and ActiveTrader applications for USD trading pairs, as well as the Gemini Mobile App and website, which support trading pairs in USD, GBP, EUR, CAD, SGD, HKD, and AUD.
This move broadens the range of available investment options for cryptocurrency enthusiasts and strengthens the overall cryptocurrency ecosystem. XRP’s integration into Gemini’s platform will increase liquidity, trading volume, and market stability for XRP and other cryptocurrencies.
SEC To Appeal Ripple Labs Court Decision
According to a Reuters report, The US SEC has announced its intention to appeal the recent court decision involving Ripple Labs, a setback for the agency’s efforts to exert regulatory authority over the cryptocurrency market.
The appeal seeks a review of the US District Judge Analisa Torres’ July 13 ruling, in which she determined that the sale of Ripple’s XRP digital token on public exchanges was compliant with federal securities laws.
In a letter addressed to Judge Torres, the SEC cited “substantial ground for differences of opinion” on legal matters as the basis for the appeal. The outcome of the appeal is deemed crucial for the SEC’s ability to enforce securities laws and has implications for numerous other related lawsuits.
Judge Torres’ initial ruling was seen as a partial victory for Ripple, as she concluded that the XRP token’s sale on public exchanges did not violate securities laws, as purchasers did not have a reasonable expectation of profit based on Ripple’s efforts.
However, the judge did find that Ripple violated securities laws by selling XRP to institutional investors.
In response to the SEC, the company’s Chief Legal Officer, Stuart Alderoty, has challenged the SEC’s authority to proceed with the appeal.
Alderoty contends that the SEC does not currently possess the “right” to appeal, leading the agency to seek permission to file an “interlocutory” appeal. Ripple has announced its intention to file a response with the court in the coming week, adding anticipation to the ongoing legal battle.
Overall, The upcoming response from Ripple, accompanied by the court’s decision on the SEC’s appeal request, will provide crucial insights into the trajectory of this high-stakes legal confrontation.
Featured image from iStock, chart from TradingView.com