Judge Rules XRP is Not a Security: Implications for Binance lawsuit
Judge Analisa Torres of the US District Court has ruled that XRP is not a security, sparking a debate within the crypto community about the implications for the ongoing Binance lawsuit. The judge denied the SEC’s request for summary judgment regarding programmatic sales of XRP and sales by confident leaders of the company.
Key Points:
- The ruling states that XRP is not considered a security when sold to the general public.
- Most of the crypto community interpreted the ruling positively, seeing it as a win for retail investors.
- John E. Deaton, founder of Crypto-Law.us, believes Coinbase should relist XRP based on Judge Torres’ ruling.
- Gemini Exchange and Bitbuy are exploring the relisting of XRP for spot and derivatives trading.
- Uphold, another major global asset exchange, shows support for the ruling.
Hot Take: This ruling could have significant implications for the Binance lawsuit and the SEC’s jurisdiction over digital assets. It is seen as a positive step for mainstream adoption of cryptocurrencies.
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