The Securities and Exchange Commission of the United States (SEC) has cracked down on the Coinbase and Binance exchanges, and the fallout is now more widespread than originally expected. One of the most recent effects is the choice made by crypto-friendly social trading platform eToro to limit support for certain of the tokens currently classified as securities by the SEC for its American consumers, with an exception for XRP and other tokens.
According to eToro, in accordance with a recent regulation change by the SEC, Algorand (ALGO), Dash, Decentraland (MANA), and Polygon (MATIC) would be delisted for its U.S. users. Its U.S. clients will no longer be able to add new positions to any of these impacted tokens as of July 12.
One of the most troubled digital currencies is still XRP, which the SEC classified as an investment contract when it sued Ripple Labs Inc., the coin’s connected payments partner, in December 2020.
Many trading sites at the moment delisted XRP, including Coinbase. However, in recent months, cryptocurrencies have returned to prominence on prestigious trading platforms like eToro. Although the SEC and Ripple litigation is still pending, the present crackdown being used by the market regulator has no impact on XRP.
Potential positive push for XRP
One of the most well-known brokerage houses serving investors worldwide is eToro. The fact that the platform will stop supporting, among other coins, ALGO and MANA for US investors may have numerous unfavourable implications that won’t affect XRP and its community anymore.
In an effort to prepare the token for life once the eagerly anticipated summary judgement is granted, the primary creators behind the digital currency have been exerting every effort to modify the feeling of the token.
XRP is now trading at $0.5302, up 3.14% over the previous 24 hours on a wave of optimistic emotion.
