đHey BTC enthusiasts! Here's a quick update on the crypto scene. The crypto market has seen some pullback since Tuesday, but XRP is holding strong! đȘ
Why, you ask? A major court ruling regarding the SECâs lawsuit against Binance has given Ripple, the company behind XRP, a boost in its ongoing battle with the regulator. đïž
Rippleâs legal counsel, Michael Kellogg, argues that the recent Binance ruling supports Rippleâs case that its sales of XRP do not warrant âharsh remediesâ as the SEC claims. đ
Last week, a judge dismissed SEC claims that secondary market sales of Binanceâs BNB token constituted securities transactions. The judge criticized the SEC for its decision to âoversee this billion dollar industry through litigationâ as being âinefficientâ and leaving relevant parties âwithout clear guidance.â đ§
This supports Rippleâs argument that providing clarity on the legality of different types of sales of XRP was the most significant aspect of the Courtâs decision. đŻ
Remember when Torres ruled on Ripple about a year ago? XRP surged roughly 70% in one day, and was relisted across multiple major exchanges. The lawsuit also became a pivotal reference point for the crypto industry in its ongoing battles with the SEC. âïž
Meanwhile, Bitcoin traded down 2.1% on Tuesday while Ethereum fell 1.4%. But assets within the SECâs crosshairs â including XRP and Solana (SOL) â rose 1.2% and 3.4% respectively. đ
Stay tuned for more updates! đ