The news broke out about the court ruling affecting the status of Ripple's XRP token, a cryptocurrency used for cross-border payments.
The ruling states that XRP is considered a security and subject to federal regulations when sold to institutional investors like hedge funds or banks.
But here's where it gets interesting - XRP is not considered a 'security' when sold to retail like you and me on exchanges or via algorithms.
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This is a bit of a win for the Securities and Exchange Commission (SEC), which sued Ripple in 2020 for selling what they believed were unregistered securities and tricking investors.
This is a partial victory for the SEC, which sued Ripple in 2020 for selling unregistered securities and deceiving investors. The case will proceed to trial to determine other allegations.
Bitcoin-related stocks saw a nice bump (the term 'green shoots' is used to refer to signs of growth or recovery) after a significant headline hit the news. The headline was about Ripple, another type of cryptocurrency, which a judge ruled is considered a 'security' in institutional sales.
This ruling seemed to positively affect the market, with the GSCBBTC1 (a benchmark that tracks Bitcoin-sensitive stocks) finishing up a whopping 13.43%.
However, the lawsuit isn't over yet ably refers to Coinbase, a cryptocurrency exchange) jumped a massive 25%. RIOT (Riot Blockchain, a company that invests in blockchain technologies) and MARA (Marathon Digital Holdings, a digital asset technology company) both saw a 15% increase.
Good news for Ripple that seemed to give Bitcoin, related stocks & altcoins a big boost
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