A federal judge ruled Thursday that cryptocurrency Ripple’s token is “not necessarily a security on its face,” a major development for the digital asset and other cryptocurrencies.
The ruling stems from a 2020 lawsuit from the Securities and Exchange Commission, which alleged that Ripple violated the law by selling the token without registering with the agency. Despite the win being just a partial victory because the judge ruled other sales of the token did violate securities law, the coin and other cryptocurrencies soared in response.
The ruling is good news for other so-called alt-coins that have argued that their assets shouldn’t constitute a security under the law and be subject to further SEC regulation. “For exchanges caught in ongoing SEC cases, it’s not clear how this judgment will affect them — they’ve only been involved in secondary sales for the most part. But as we can see with prices today, the market is very bullish on the judgments,” he added.
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