Gemini, a cryptocurrency exchange in the United States, announce Support for XRP after Ripple’s latest legal hack.
Gemini allows 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 US Securities and Exchange Commission (SEC).
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs, alleging that the company made an offering of unregistered securities by selling XRP tokens.
Consequently, several leading cryptocurrency exchanges, including Gemini, have decided to remove XRP from their trading platforms to mitigate any potential regulatory risks. The move left XRP holders and traders uncertain about the future of the digital asset.
However, the recent partial victory by Ripple Labs in the court battle against the Securities and Exchange Commission has prompted Gemini to reconsider its stance on the token.
Traders and investors can now engage in XRP trading through the various channels offered by Gemini, including the API/FIX and ActiveTrader apps for USD trading pairs, as well as the Gemini Mobile app and website, which supports trading pairs in USD, GBP, EUR, CAD and SGD, HKD and AUD.
This move expands the range of investment options available to cryptocurrency enthusiasts and strengthens the overall cryptocurrency ecosystem. The integration of XRP into the Gemini platform will increase the liquidity, trading volume, and market stability of XRP and other cryptocurrencies.
The Saudi Electricity Company is appealing the decision of the Ripple Laboratories Court
According to Reuters a reportthe US Securities and Exchange Commission announced its intention to appeal a recent court decision regarding Ripple Labs, a setback for the agency’s efforts to exercise regulatory authority over the cryptocurrency market.
The appeal seeks review by US District Judge Annalisa Torres. July 13 verdictwhere it determined that selling Ripple’s digital token XRP on public exchanges was in compliance with federal securities laws.
In a letter to Judge Torres, the SEC cited “substantial reasons for differences of opinion” on the legal issues as the basis for the appeal. The outcome of the appeal is crucial to the SEC’s ability to enforce securities laws and has implications for many other related lawsuits.
Judge Torres’ initial ruling was seen as a partial victory for Ripple, finding that the sale of XRP tokens on public exchanges did not violate securities laws, as buyers did not have a reasonable expectation of profit based on Ripple’s efforts.
However, the judge found that Ripple violated securities laws by selling XRP to institutional investors.
in Answer To the SEC, Stewart Aldrotti, the company’s chief legal officer, challenged the SEC’s authority to proceed with the appeal.
Alderoty maintains that the SEC does not currently have the “right” to appeal, prompting the agency to seek permission to file a “preliminary” appeal. Ripple has announced its intention to file a response with the court next week, adding anticipation to the ongoing legal battle.
Overall, the response coming from Ripple, accompanied by the court’s decision on the SEC’s appeal, will provide crucial insights into the trajectory of this high-stakes legal confrontation.
Featured image from iStock, chart from TradingView.com
