Seeds of Wisdom RV And Economics Updates Sunday Afternoon 6-30-24
Seeds of Wisdom RV And Economics Updates Sunday Afternoon 6-30-24
Good Evening Dinar Recaps,
XRP News Today: Did the Binance Ruling Sink SEC Plans to Appeal?
XRP gained 0.28% on Saturday, June 29, closing the session at $0.4722.
SEC vs. crypto case-related news drove buyer demand for XRP.
On Sunday, investors should consider the possible influence of the latest court ruling on ongoing SEC vs. crypto cases.
Ripple Chief Legal Officer Stuart Alderoty shared the news of the court ruling, saying:
“For all the SEC has done to muddy the waters with its inconsistent legal theories, the Courts are seeing right through them. The Binance decision last night is long but absolutely worth a read.”
Read more: FX Empire
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Ripple vs SEC Case As of June 30, 2024: Torres’s Verdict On XRP Stands
The legal landscape surrounding cryptocurrencies in the U.S., especially XRP, is gaining much-needed clarity. Two recent court decisions have significantly impacted the ongoing lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple and broader industry regulations.
In a significant victory for the crypto industry, District Judge Amy Berman Jackson has bolstered the legal precedent set by Judge Analisa Torres in the SEC vs. Ripple case. Judge Jackson’s decision in the Binance vs. SEC case centered on the classification of Binance’s BNB token.
The SEC argues that secondary sales of BNB by users on crypto exchanges constituted unregistered securities offerings. However, Judge Jackson disagreed, dismissing the SEC’s claim.
This ruling, shared on X by Fox Business journalist Eleanor Terrett, aligns with Judge Torres’ previous decision in the Ripple case.
Read more: Times Tabloid
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XRP Secondary Sales Deemed Non-Securities, Judge Torres’ Doctrine Stands
Judge Jackson’s ruling that XRP secondary sales aren’t securities boosts Ripple and sets a crucial precedent for the entire crypto industry.
Judge Jackson and Torres’ aligned decisions clarify that crypto assets traded by individuals on exchanges do not qualify as securities.
XRP price jumped over 1% after the ruling, aiming to regain $0.50, with increased interest from derivatives traders on OKX and BitMEX.
Judge Amy Berman Jackson has upheld Judge Torres’ doctrine, asserting that XRP’s secondary sales are not securities. This ruling came during the Binance vs. SEC case, where the SEC’s claim regarding secondary sales of Binance’s BNB was dismissed. To that end, the ruling by Judge Jackson, in concurrence with that of Judge Torres on the sale of XRP, sets an example in the crypto industry.
Read more: Crypto News Land
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Pro-XRP Lawyer Sees Binance Ruling as Boost for XRP Non-Security Status
Attorney Bill Morgan says Binance case ruling boosts XRP’s non-security status.
Judge Jackson cited Judge Torres’ Ripple case decision when dismissing parts of the SEC’s case against Binance.
Morgan highlights that the ruling aligns with Judge Torres’ interpretation of the Howey test.
Read more: Coin Edition
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XRP Lawsuit: Ripple Notches Massive Wins as CEO Brad Garlinghouse Clarifies XRP’s Security Status
Ripple Labs CEO Brad Garlinghouse has taken swipes at news outlets over inaccurate reporting of a court decision involving XRP and the US Securities and Exchange Commission (SEC).
The fiasco began following a ruling by Judge Phyllis Hamilton of the US District Court for the Northern District of California, which threw out a class action suit against the issuers of the XRP token. While considered a massive win for Ripple Labs, the judge allowed an individual state law claim to proceed to trial based on alleged “misleading statements” made by Garlinghouse in 2017.
As XRP’s community celebrated the dismissal of securities law violation, CoinDesk and a raft of crypto news outlets reported that Hamilton’s decision could imply that XRP may be a security. The reporting triggered a stir in the ecosystem as XRP enthusiasts believe the question of the asset being a security was finalized in a 2023 decision by District Judge Analisa Torres in New York’s Southern District.
CoinDesk described the ruling as a “fly in the ointment,” but the report elicited fierce kickbacks from XRP’s community, with Garlinghouse leading the charge. According to Garlinghouse on X (formerly Twitter), Garlinghouse described the report as “embarrassing,” noting that Hamilton did not expressly term XRP as a security.
Read more: ZyCrypto
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