Coinbase has resumed support for XRP in New York, marking a significant comeback after a hiatus due to regulatory concerns. Paul Grewal, Coinbase’s Chief Legal Officer, announced that New Yorkers can now trade XRP through the exchange’s website and mobile apps. The decision comes after the cryptocurrency was removed from the platform nearly four years ago following a legal dispute regarding its classification as a security.

The reintroduction of XRP aligns with Coinbase’s efforts to foster a strong partnership with state regulators, demonstrating a possible softening of New York’s stringent crypto regulations. Grewal emphasized the company’s commitment to listening to their client base and adapting to regulatory frameworks.

This move by Coinbase, initially rolling out XRP in 2019 and then pulling it back in 2021 amid litigation, underscores a broader industry trend towards integrating regulatory compliance with service expansion, hinting at a promising future for cryptocurrency trading in restrictive jurisdictions.

X

Senator Cynthia Lummis from Wyoming is rallying for a pro-crypto coalition in Congress with a mission to ultimately mimic former United States President Donald Trump, who, in the same breath, is also vowing, this very early, to build a “crypto army” in preparation for the 2024 showdown of elections. The announcement was done on social platform X in what is one among a growing movement of a number of lawmakers.

The push for crypto further comes of age with Trump’s campaign soliciting the new form of internet currency for donations, just among other key donations, such as in bitcoin and ether. It has also released an NFT collection with the cryptocurrency gradually becoming the new face of political campaign donation.

This is in contrast to the likes of senators, such as Elizabeth Warren, who have turned out to be anti-crypto voices, thus placing the digital currency one of the key issues in the race of the upcoming elections. Strong support is brewing for the digital finance area, followed by the Ethereum ETF and new happenings in Hong Kong.

X

Hong Kong’s SFC is mulling over a historic move that could see staking on licensed Ethereum platforms considered as part of the region’s spot ETFs. This, as explained in recent consultations with local crypto ETF firms, would allow investors to earn passive incomes through staking—making it more attractive to the funds. The announcement, however, comes to boost the somehow underperforming ETFs in Hong Kong and, on the other hand, open this city to be among the lead crypto hubs globally.

Spot Bitcoin and Ether ETFs are the creation of top firms like China Asset Management and Harvest Global, as Asia witnesses this for the first time. This is somehow a moderate response, but now their potential to feature staking facilities has put the city a step forward from their U.S. counterparts. A burst of regulatory pushes in the U.S. has seen staking features stripped from recent ETF applications, underscoring Hong Kong’s contrasting approach.

The global community of cryptocurrency is thus always on the boots, considering this move, as not only key to boosting the demand for local ETFs, but as well placing Hong Kong on the global chart for being a key player in the general international crypto field.

Bloomberg