SOL, MATIC, ADA Tokens Surge Following XRP Ruling
A federal judge on Thursday ruled he sale of Ripple’s XRP tokens on exchanges and through algorithms did not constitute investment contracts.
Cryptocurrencies that the U.S. Securities and Exchanges Commission (SEC) deemed unregistered securities in last month's lawsuits against Coinbase and Binance have posted double-digit percentage gains on the news of a favorable court ruling regarding Ripple's XRP.
Solana's (), Polygon's (), and Cardano's () are all higher by roughly 15% in Wednesday afternoon action.
In the seminal U.S. Securities and Exchange Commission (SEC) case filed in 2020 against blockchain platform Ripple, a U.S. District Court Judge in the Southern District of New York that the sale of Ripple’s tokens on exchanges and through algorithms did not constitute investment contracts.
While it wasn't a complete victory for Ripple – the judge also ruled that institutional sale of the tokens did violate federal securities laws – the news has sent XRP soaring by 54% in afternoon trade.
Edited by Stephen Alpher.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Under pressure, Trump’s crypto czar divests his $200M+ crypto holdings
David Sacks divested over $200 million in digital-asset holdings to avoid conflicts of interest. Senator Elizabeth Warren criticized Sacks, questioning his crypto holdings. Sacks’ divestment details were revealed shortly before Warren’s letter requesting crypto ownership clarification.
Smart Contract Risks Could Be Global Finance’s Ticking Time Bomb, Warns Movement Labs Co-Founder
Cooper Scanlon emphasizes the serious vulnerabilities in blockchain infrastructure, especially Ethereum, highlighting the growing threat to global finance and calling for secure innovations like Move programming.
VIPBitget VIP Weekly Research Insights
Over the past month, the cryptocurrency market has faced a downturn due to multiple factors. Global macroeconomic uncertainties, such as shifts in U.S. economic policies and the impact of tariffs, have heightened market anxiety. Meanwhile, the recent White House crypto summit failed to deliver any significant positive news for the crypto market, further dampening investor confidence. Additionally, fluctuations in market sentiment have led to capital outflows, exacerbating price declines. In this volatile environment, selecting stable and secure passive-income products is more crucial than ever. Bitget offers solutions that not only provide high-yield fixed-term products but also flexible options for users who need liquidity. Furthermore, with the added security of the Protection Fund, investors can earn steady returns even amidst market volatility.
SEI Price Surges Following World Liberty Financial Purchase
Trending news
MoreCrypto prices
More
