Coinbase has once again made XRP trading available in the state of New York, marking a significant development for the top US cryptocurrency exchange. Trading of XRP had been suspended across the country after the US Securities and Exchange Commission (SEC) initiated a lawsuit against Ripple in late 2020, accusing the company of selling XRP as an unregistered security.

However, the suspension was lifted in July after US District Judge Analisa Torres ruled that Ripple’s automated, open-market sales of XRP did not meet the criteria for security sales. Following the ruling, Coinbase promptly relisted XRP, but users in New York were excluded from trading the asset.

Coinbase’s Chief Legal Officer, Paul Grewal, expressed that the exchange had collaborated closely with the state to reinstate XRP trading in New York. As of now, XRP is trading at $0.517, experiencing a decrease of over 2.5% in the last 24 hours. Despite securing a partial victory last summer, Ripple’s legal battle with the SEC is still ongoing. Judge Torres did agree with the SEC’s claim that Ripple’s direct sale of XRP to institutional buyers constituted a securities offering.

In March, the SEC requested the court to compel Ripple to pay a total of $1.95 billion, which includes $876,308,712 in disgorgement, $198,150,940 in prejudgment interest, and a $876,308,712 civil penalty. Ripple, on the other hand, opposed the SEC’s motion, arguing that the court should reject the requests for an injunction, disgorgement, and prejudgment interest. The company also proposed that the civil penalty should not exceed $10 million.

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