• Uphold recently announced that it will be relisting XRP on its exchange, despite the SEC lawsuit against Ripple Labs.
• The SEC is suing Ripple Lab for marketing XRP as unregistered securities worth $1.3 billion without adequate disclosures.
• Stuart Alderoty of Ripple has indicated that the SEC has few prospects of prevailing at the Supreme Court, and if they do, might have far-reaching implications for how the United States treats digital assets.
Crypto Exchange Uphold Relists XRP
Uphold recently announced on Twitter that it will be relisting XRP on their exchange, despite a lawsuit filed by the US Securities and Exchange Commission (SEC) against Ripple Labs. This decision to keep trading XRP is a good sign for token owners since it allows them to exchange their assets and recoup some losses. Uphold now facilitates the trading of XRP in exchange for fiat currencies and stablecoins such as USDT, USDC, BUSD, USDG, and DAI.
SEC Lawsuit Against Ripple Labs
In December 2020, the SEC filed a complaint against Ripple Labs alleging that they had marketed XRP to retail investors as unregistered securities worth $1.3 billion without adequate disclosures. As a result of this lawsuit, many major cryptocurrency exchanges have been forced into action by delisting or stopping trading of XRP tokens – leading to a drop in price from $0.65 to $0.37 due to decreased liquidity and value.
John Deaton’s Settlement Offer
John Deaton, a pro-XRP lawyer, has hinted at a settlement offer where Ripple would pay $100-250 million if the SEC agrees that existing and future sales of XRP are not categorized as securities.
Ripple’s Confidence In Their Position
Stuart Alderoty of Ripple is confident in their position and has indicated that the SEC has few prospects of prevailing at the Supreme Court if taken there. If they do prevail however, it could have wide-reaching implications for how digital assets are treated by US authorities – both legally and financially speaking.
Uphold’s Decision To Keep Trading XRP
Despite all these delistings going on around them Uphold still made an effort to keep trading active which was welcomed by token holders who can now get back some of what they lost due to drastic changes in liquidity caused by delistings from other major crypto exchanges