XRP ruled not a security, triggering a market-wide rally
– Ripple emerges victorious in their SEC lawsuit as XRP is declared not a security.
– Market responds with a rally, led by XRP, sparking speculation of an impending altcoin season.
– Binance faces regulatory pressure with layoffs and legal disputes.
– Spot bitcoin ETFs gain recognition from the SEC.
– Clarity for XRP as centralized exchanges in the US relist XRP after the ruling.
Ripple scores ‘partial’ victory
– Judge Analisa Torres delivers a verdict stating that XRP does not fall under unregistered security.
– Ripple accused of conducting an illegal offering that raised $1.3 billion using XRP.
– Judge Torres determines that sales of XRP to institutions by Ripple qualified as unregistered securities, but sales to the public and distributions did not meet the same criteria.
Clarity for XRP
– After the ruling, centralized exchanges in the US, including Coinbase and Kraken, relist XRP.
– Ripple CEO Brad Garlinghouse expresses contentment with the verdict and criticizes the SEC for confusion and aggressive tactics.
– Market presence of XRP revitalized, with various American exchanges relisting or intending to relist the digital asset.
XRP triggers market rally, hits record highs
– XRP rallies by over 30% in under an hour following the ruling.
– XRP’s trading volume surges by 1,300%.
– Altcoins also experience massive rallies, and Bitcoin benefits from the movement.
Spot bitcoin ETFs
– Jay Clayton, former SEC Chairperson, supports approving spot bitcoin ETFs.
– Bitwise Asset Management receives formal recognition from the SEC for a spot bitcoin ETF proposal.
– Other notable institutions also have their spot bitcoin ETF applications acknowledged by the SEC.
Binance faces structural changes amid legal pressure
– Binance appoints Eleanor Hughes as its new chief legal officer amid regulatory woes.
– Former chief strategy officer, chief legal officer, and senior vice president for Compliance leave the company.
– Binance faces mounting legal pressure and regulatory issues.
Hot Take:
The ruling that XRP is not a security brings much-needed clarity to the crypto market. With the relisting of XRP on major exchanges and the market-wide rally that followed, it’s evident that investors have renewed confidence in the digital asset. This ruling also sets a precedent for future cases involving the classification of digital tokens. The recognition of spot bitcoin ETFs by the SEC is another positive development, indicating a growing acceptance of cryptocurrencies among institutional investors. However, Binance’s regulatory troubles and the resulting structural changes within the company highlight the challenges faced by crypto exchanges in navigating the complex regulatory landscape.
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