• Uphold has announced the relisting of XRP on their exchange, despite the SEC lawsuit.
• The SEC is filing a complaint against Ripple Labs for marketing XRP as an unregistered security without adequate disclosures.
• John Deaton and Stuart Alderoty of Ripple are confident in the company’s position and expect that a settlement could be reached if Ripple prevails in court.
Crypto Exchange Uphold Relists XRP
Crypto exchange Uphold has announced that they will keep trading XRP active, despite the SEC lawsuit against Ripple Labs.
SEC Complaint Against Ripple Labs
The Securities and Exchange Commission (SEC) has filed a complaint against Ripple Labs alleging that they marketed XRP to retail investors as unregistered securities worth $1.3 billion without proper disclosures. This has resulted in the delisting of XRP from several cryptocurrency exchanges and businesses, leading to its price dropping from $0.65 to $0.37.
Ripple’s Position
John Deaton, a pro-XRP lawyer, has hinted at a settlement where Ripple would pay $100-250 million if the SEC agrees that existing and future sales of XRP are not categorized as securities. General Counsel Stuart Alderoty from Ripple is also confident in their position and expects to prevail in court; this could have far-reaching implications for how digital assets are treated by the United States.
Uphold’s Decision
Uphold’s decision to keep trading XRP allows token owners to exchange their assets and recoup some losses. They will now facilitate the trading of XRP in exchange for US dollars, euros, Turkish lira, Japanese yen, stablecoins such USDT, USDC, BUSD, USDG and DAI.
Conclusion
It remains uncertain what effect this lawsuit will have on both Ripple Labs and digital asset regulations within the United States; however Uphold’s decision to relist XRP offers some relief for token holders who may have suffered losses due to its delisting.