Coinbase Relist XRP Looms As CLO Agrees With “Investment Contracts” Argument

The XRP community is ecstatic over the recent price breakout from the macro logarithmic downtrend. The sixth-largest digital asset surged to a ten-month high of about $0.58 last week but has since retracted to trade around $0.51 on Monday. However, the decline is largely due to the 300 million XRP sold by Ripple in its monthly escrow release.

According to on-chain data, returned about 700 million XRP to the escrow account over the weekend. Ripple uses XRP sales to incentivize On-Demand Liquidity programs and its RippleNet customers.

Consequently, the XRP market benefits from deeper liquidity due to increased involvement from global institutional traders.

XRP’s Future Growth Prospects

The outcome of the Ripple vs SEC lawsuit significantly impacts XRP’s future growth prospects. United States SEC Chair gary gensler gary gensler Gary Gensler is the chairman of the U.S. Securities and Exchange Commission (SEC). His studies in finance and blockchain at MIT have helped him develop U.S. cryptocurrency regulations and policies. Quick Facts Full name Gary Scott Gensler Birth 18-10-1957, Baltimore, Maryland, United States Nationality American Education MBA from the University of Pennsylvania Marital status Married to Francesca Danieli (1986-2006) Net worth Estimated $100 million   Gensler has advocated for enhanced supervision of digital assets, seeking to regulate cryptocurrencies similar to securities. His work at the SEC has focused on safeguarding investors, regulating crypto exchanges, and establishing stablecoin policies.   Gary Gensler - Career Highlights 1997 – Became Assistant Secretary of the Treasury. 2009 – Led CFTC, regulating financial derivatives post-2008 crisis. 2018 – Taught blockchain and crypto at MIT. 2021 – Appointed SEC Chairman, focusing on crypto regulations. 2022 – Proposed stricter rules for crypto exchanges. 2023 – Took legal action against major crypto firms. 2024 – Advocated for stronger stablecoin and DeFi regulations.   Gary has collaborated with multiple lawmakers in formulating crypto policies. Even with disagreements with crypto investors regarding crypto policies, he continues to be a key player in the changing dynamic between regulatory frameworks and blockchain advancement.   Awards & Recognitions of Gary Gensler Year Institution  Description 2009 U.S. Treasury Financial Regulation Leader 2018 MIT Blockchain & Crypto Educator 2021 SEC SEC Chairman Overseeing Crypto Policies 2023 Bloomberg Most Influential Regulator in Crypto 2024 Forbes Top Policy Maker in Digital Assets   Useful Links to Connect With Gary Gensler Platform Link X (formerly Twitter) twitter.com/GaryGensler CFTC website Chairman Gary Gensler   Chairman argued during a recent hearing at the House Appropriations Subcommittee on Financial Services and General Government that all digital assets apart from Bitcoin are unregistered securities. Gensler explained that almost all crypto assets have a group of people working towards their success, thus qualifying as a security.

Related: Ripple Vs SEC: Attorney John E. Deaton Predicts Timeline For Lawsuit Outcome – Coinpedia Fintech News

XRP, ETH, and Altcoins are Not Securities

Famous crypto lawyer john e deaton john e deaton john EntrepreneurHostMarket Analyst analyzed the Howey test on digital assets and explained that XRP, ETH, and any other altcoin are not securities, despite undertaking ICO during their early stages.

“When the investor in Howey bought the [mango] grove, he bought it directly from the Howey Company. If that same investor had sold the [mango] grove to a second buyer years later, a buyer with zero knowledge of the Howey company and its involvement, the subsequent sale is not of security,” Deaton noted.

His sentiments were echoed by Chief Legal Officer at coinbase coinbase - support@coinbase.com WalletCentralised Exchange , Paul Grewal, who noted that digital assets are not investment contracts. As a result, the XRP community has pushed for Coinbase to relist the asset on its trading platform.

Also read: John Deaton Calls XRP a Cockroach, that Cannot Be Killed