If it brings down the cost of Ripple, I’m all for it.
Posted on 07/13/2023 4:26:39 PM PDT by Enlightened1
July 13 (Reuters) - Ripple Labs Inc did not violate federal securities law by selling its XRP token on public exchanges, a U.S. judge ruled on Thursday, a landmark legal victory for the cryptocurrency industry that sent the value of XRP soaring.
XRP was up 75% by late afternoon on Thursday, according to Refinitiv Eikon data.
The ruling by U.S. District Judge Analisa Torres was the first win for a cryptocurrency company in a case brought by the U.S. Securities and Exchange Commission -- though it did also give the SEC a partial victory.
While the decision is specific to the facts of the case, it likely will provide ammunition for other crypto firms battling the SEC over whether their products fall under the regulator's jurisdiction.
An SEC spokesperson said the agency was pleased with part of the ruling in which the judge held that Ripple violated federal securities law by selling XRP directly to sophisticated investors.
It is possible for the ruling to be appealed once a final judgment is issued, or if the judge allows it before then.
The SEC spokesperson said the regulator was reviewing the decision.
Ripple Chief Executive Brad Garlinghouse in an interview called the ruling "a huge win for Ripple but more importantly for the industry overall in the U.S."
Coinbase (COIN.O), the largest U.S. crypto exchange, said it would again allow trading of XRP on its platform.
"We’ve read Judge Torres’ thoughtful decision. We’ve carefully reviewed our analysis. It’s time to relist," Coinbase chief legal officer Paul Grewal said on Twitter.
Coinbase stock closed up 24% at $107 per share on Thursday.
WHEN CRYPTO IS NOT A SECURITY The SEC had accused the company and its current and former chief executives of conducting a $1.3 billion unregistered securities offering by selling XRP...
(Excerpt) Read more at reuters.com ...
(While the decision is specific to the facts of the case, it likely will provide ammunition for other crypto firms battling the SEC over whether their products fall under the regulator’s jurisdiction.)
So .... It could have a ..... Ripple effect?
😜
Haha
It was ... right there ... so ...
🤣😜
99 cents a bottle back in the ‘60’s.
Can Boones Farm and Thunderbird catch up to Ripple?
New cryptocurrencies?
If it brings down the cost of Ripple, I’m all for it.
Good one.
Might you remember T. J. Swann?
Pretty bad wine with pretty familiar names as a marketing ploy.
These the guys made that rotgut wine we drank decades ago??
Almost barfed just reading the name.
I hear ya!
I put a Covid check on it back in the day. I guess I could have went on a short cheap vacation. GO LITTLE X R P GO.
I HODL XRP. Today is just the beginning of its’ rise. XRP went up to $0.95 temporarily today, and then the profit taking began (as expected). One the FOMO retail customers flee, the banks will buy in - all scripted far in advance.
Agree, the institutions are going to pounce on it after the paper hands sell off at all the check points below a few bucks. It has clarity and utility. That’s unicorn level attainment.
Amazing, and a long time coming. The Bitcoin maxipad cope is going to be epic.
It's now the only crypto with legal clarity in the US in the secondary market via federal judicial decision. Not even bitcoin has that.
All those maxi armchair securities lawyers who claimed to be experts in the Howey test will be hardest hit.
Good, I have had my XRP locked in Kraken exchange for years now.
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