Crypto Industry Developments: Ripple Ruling, PancakeSwap-Google Cloud Partnership, OKX Supporting ETH Tokens, Polygon Token Upgrade, SEC Action Against Celsius
This week in the crypto industry, Ripple, PancakeSwap, OKX, and Polygon made significant advancements through new partnerships. In a major development, a judge ruled that Ripple's XRP does not fall under the definition of a security, potentially paving the way for more freedom in the sale and trade of cryptocurrencies.
US Senator Cynthia Lummis Calls for Clear Crypto Rules Following XRP Court Ruling
The recent court ruling on the status of XRP has reignited the conversation about the need for clear regulatory frameworks in the world of cryptocurrencies. Senator Cynthia Lummis from Wyoming has called for immediate action to establish clear rules for digital assets, emphasizing the urgency for Congress to address the regulatory ambiguities.
Ripple CEO Brad Garlinghouse Believes SEC Appeal Will Take Years After Favorable Ruling
Brad Garlinghouse, CEO of Ripple, believes that the SEC will face a lengthy process before being able to appeal Judge Torres' ruling in the case against Ripple. The ruling stated that XRP is not a security in regard to retail sales on digital asset exchanges, but is a security when sold to institutional investors. Garlinghouse stated that if the SEC were to appeal against retail sales, it would only further solidify the decision made by Judge Torres. He also criticized the SEC for sowing confusion in the market and preventing innovation in the US.
Ripple CEO Brad Garlinghouse Claims SEC's Recent Ruling is a Complete Loss, Not a Split Victory
Ripple CEO Brad Garlinghouse has stated that the recent court ruling was a complete loss for the SEC and not a split victory, despite rumors of potential fines by Ripple to settle the part of the SEC case it lost. Garlinghouse emphasized that the case was about establishing the non-security status of XRP, and in this regard, Ripple won and the SEC lost. The federal court decision on Thursday ruled that XRP is not a security, which was seen as a huge win for Ripple and the crypto industry. The Court will ultimately decide whether or not to impose any penalties, not the SEC.
Speculation Mounts on Ripple IPO After US Court Victory Against SEC
Speculation about a potential Ripple IPO has increased following the company's recent legal victory against the US Securities and Exchange Commission (SEC), which declared XRP a non-security digital asset. The decision has been seen as a significant win for Ripple and the broader crypto industry, leading some in the XRP community to theorize about the company's future plans. An IPO could provide Ripple with substantial capital and enhance its credibility as a regulated entity, while also attracting a broader range of investors. However, going public through an IPO involves various regulatory and legal requirements, and Ripple has not officially confirmed any talks about an IPO.
Crypto Analytics Firm Santiment Predicts Second Pump for XRP with a Catch
Santiment, a crypto analytics platform, has provided insights on the future of XRP after a court ruling that Ripple Labs' automated XRP sales did not constitute a sale of securities. According to Santiment's director of marketing, Brian Quinlivan, XRP has more potential for growth due to increased interest and social dominance. However, Quinlivan warns that the recent rally in XRP's price could be an overreaction and advises caution. Whale and shark activity on the XRP network also suggests bullishness for the fourth-largest crypto asset by market cap.
Coinbase Enables XRP Trading for German Residents, 55% Cumulative Seven-Day Performance Achieved
Coinbase has announced that XRP is now available for trading to its users in Germany, following the US court declaration that XRP is not a security. Many other exchanges, including Gemini, Bitstamp, Kraken, BitGo, Crypto.com, and Binance US, have also reactivated support for XRP after attaining regulatory clarity. While the news has received positive feedback from the crypto community, a skeptic has voiced concerns about potential losses for buyers and argued that market participants who remain invested in XRP rely on fostering a fear of missing out (FOMO) to ensure sufficient liquidity for their exit strategies. XRP trades at $0.7282, with over 55% cumulative seven-day performance.
Ripple's XRP declared not a security in groundbreaking federal court ruling
Ripple Labs has won a significant victory in a federal court ruling which declared that its cryptocurrency token, XRP, is not a security. This means that Ripple can now explore various business opportunities without the constraints imposed by securities regulations. The ruling challenges the US Securities and Exchange Commission’s position on XRP and is considered a landmark moment for the crypto industry. While questions remain regarding the longevity of the decision in the face of potential appeals and its impact on other ongoing legal battles, the market has responded positively to the verdict.
Cryptocurrency Prices Dip After Ripple's Court Victory Rally
After a surge in prices on Thursday following Ripple Labs' court victory, cryptocurrency prices have cooled off on Friday. Bitcoin, the largest cryptocurrency, dropped over 5% to a low of $30,076 from a high of $31,800. Ether also saw a drop to $1,910 after briefly surpassing $2,000 for the first time in two months. XRP experienced the biggest drop, trading at $0.69, down 25% from its peak of $0.93.
Federal Judge Rules Ripple's XRP Not a Security for Retail Investors, Prompting Shift in Crypto Narrative in Washington
A federal judge in Washington, Judge Analisa Torres, has ruled that Ripple Labs’ token, XRP, is not a security when purchased by retail investors. This decision has caused a shift in the narrative surrounding cryptocurrencies and has caught the attention of policymakers in Washington. The ruling distinguishes between sales to institutional investors and those to retail purchasers, stating that XRP would be considered a security when bought by institutional investors but not when purchased by individuals. The exclusion of a crypto mining tax permits the current administration to maintain a neutral stance on bitcoin, which seems to be a contentious topic. As Washington’s interest in cryptocurrency grows, keeping tabs on political discourse regarding crypto assets becomes increasingly crucial.
