In a crucial development, Coinbase has listed XRP for New York residents, after over 3 years. Now both iOS and Android users of Coinbase can log in to buy, sell, convert, send, receive, or store this asset. The development has sparked widespread discussion in the community. One member expresses satisfaction that the New York Department of Financial Services [NYDFS] has allowed the exchange to list XRP for trading in New York.
I’m pleased that NYDFS has done the right thing and permitted Coinbase to list $XRP for trading by New Yorkers. I’m pleased that NYDFS has done the right thing and permitted Coinbase to list $XRP for trading by New Yorkers. Back when NYDFS decided to remove XRP from its green list of approved tokens–after Judge Torres ruled that XRP is not a security–I started asking questions.
Previously, NYDFS decided to remove XRP from its Greenlist, which is a list of approved tokens that can be traded. This decision was made after a legal ruling by Judge Torres, who determined that XRP is not a security. The Greenlist removal created uncertainty and prompted questions from the community.
The token listing also prompted discussions on Coinbase’s motives, such as financial gain, strategic planning for future ETFs, and enhancing their legal and regulatory position. One such prominent member suggested that Coinbase is aiming to capitalize on the demand for XRP, thus increasing their revenue. Another possibility is that this move is part of a broader strategy to set up future ETFs beyond Bitcoin, potentially including XRP and other cryptocurrencies.
Coinbase Timing and Ripple’s XRP Stablecoin
The Ripple-affiliated token is entering the stablecoin market, which has been largely controlled by Tether’s USDT, USDC, and TRON. CEO Brad Garlinghouse suggested that these major players could face increased scrutiny from US regulators. Although his statement sparked controversy, it signals the emergence of a new competitor.
Moreover, Congress recently approved “H.R.5403,” the CBDC Anti-Surveillance State Act, which means that the US Government cannot create a CBDC but can potentially utilize a stablecoin on an existing public network. This development raises the possibility that a stablecoin on the XRP ledger may be on the horizon this year.
