• 07/23/2024

    Coinbase Surges 25% As SEC Smacked Down On Ripple's XRP

    July 15, 2023
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     “Not necessarily a security on its face.”

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    Federal judge smacked down's the SEC's efforts to clamp down on cryptocurrency and Coinbase, under fire from the agency for years, saw its stock surge 25%.

    The price of XRP was last higher by 71% at about 80 cents a coin, according to Coin Metrics. The news gave hope to crypto investors, who breathed a sigh of relief that other altcoins also may not be considered securities after all. Polygon’s matic token gained 17.82%. Litecoin and the Solana jumped 18.35%, and Cardano’s token advanced 20.31%. Bitcoin and ether got a boost too, rising more than 4% and 6%, respectively, reported CNBC.

    “The judgments today are a huge step forward for the industry,” Chris Martin, head of research at Amberdata, told CNBC. “By judging that XRP is not a security we’re starting to get clarity on what constitutes a security and what constitutes a commodity — the SEC will have to revise their tactics on several of their ongoing cases and I expect that this judgment will implicate several other tokens as non-securities.”

    The news marks the end of a three-year battle between Ripple and the Securities and Exchange Commission — although, today’s decision came in a trial court decision and there’s a good possibility some of these findings will be appealed and could be reversed. In 2020, the SEC sued Ripple for breaching U.S. securities laws by selling XRP without first registering it with the agency.

    The Biden administration and its globalist allies in Davos are against Bitcoin and other decentralized currencies as it provide financial freedom to citizens.

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