2023-07-13 22:22:00
In the trading on the 13th of New York time, the price of crypto assets (virtual currency) rose across the board. In a lawsuit filed by the U.S. Securities and Exchange Commission (SEC) once morest Ripple Labs, which issues XRP (Ripple), it is said that if XRP is sold to general investors, it does not correspond to “securities”.judgmentwas shown as a victory for the industry.
The price of XRP surged 99.6% at one point to nearly 94 cents. Solana and Cardano, which the SEC claims are unregistered securities, also rose more than 21% at one point. Bitcoin surged 4.8% to $31,818.
In the US stock market on the 13th, crypto-related stocks also rose significantly, with Microstrategy closing 11.7% higher and Marathon Digital Holdings closing 14.5% higher.
Judge Annalisa Torres of the United States Court for the Southern District of New York ruled yesterday that XRP is a security when sold to institutional investors, but not to retail investors.
Expert investors should “understand that Ripple is marketing a profitable speculative value proposition in XRP” and for that reason meet the investment contract criteria of the federal securities laws. But we decided it didn’t apply to programmatic investors, the broader general public who buy crypto assets through exchanges.
Judge Torres added that there was no evidence to support that such an investor was able to analyze many of Ripple’s public disclosures regarding XRP, and that many of the disclosures the SEC referred to in its lawsuit once morest the company were not available to the wider public. It may not have been shared with investors.
Bloomberg
Original title:Cryptos Jump as XRP Ruling Boosts Hope for Narrowed SEC Scope､Ripple Tokens Sold to Public Are Not Securities, Judge Says (1)(excerpt)
(This article partially uses automatic translation)
(Updates to add details of the district court’s ruling)
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