Ripple XRP vs SEC Case: Torres Ruling on XRP on June 30, 2024

Bittime - The legality of cryptocurrencies in the United States, especially XRP, is starting to gain clarity thanks to recent court decisions. This article will discuss in more detail the latest updates on the XRP vs SEC case, let's watch it until the end!

Important Decisions in Crypto Secondary Sales

In a major win for the crypto industry, District Judge Amy Berman Jackson has upheld the legal precedent set by Judge Analisa Torres in the case SEC vs. Ripple. Judge Jackson's decision in the case of Binance vs. The SEC focuses on the classification of Binance's BNB token.

The SEC argued that the secondary sale of BNB by users on crypto exchanges constituted an unregistered offering of securities. However, Judge Jackson disagreed and dismissed the SEC's claims.

This decision, shared on X by Fox Business journalist Eleanor Terrett, is in line with Judge Torres' previous decision in the Ripple case. Judge Torres determined that Ripple's direct sale of XRP to institutional buyers and subsequent secondary market sales did not meet the criteria for an investment contract under the Howey Test. The Howey Test is a legal framework used to determine whether an asset qualifies as a security.

Judge Jackson's decision in the Binance case strengthens Judge Torres' reasoning and sets an important precedent for ongoing crypto-related lawsuits in the United States. Companies like Coinbase, Kraken, and Consensys can leverage this precedent in their ongoing legal battles with the SEC regarding their token offerings.

Impact on XRP and US Crypto Markets

The recent ruling has positive implications for Ripple and XRP holders. While many believed that the SEC would try to appeal Judge Torres' ruling once the lawsuit with Ripple ends, the SEC's ability to dispute the ruling regarding secondary sales of XRP is now significantly weakened.

Additionally, the favorable ruling in the Coinbase case further strengthens the idea that secondary sales of crypto are generally not considered offerings of securities.

This development has led to a cautious rise in the price of XRP. XRP has risen 0.2% in the last 24 hours to its current price of $0.4734. If this momentum continues, XRP may reach the $0.5 level in the near future.

Clarity Needed for the Crypto Industry

The recent court decision provides much-needed clarity for the burgeoning crypto industry in the US. The legal classification of crypto assets, especially regarding secondary sales, is becoming increasingly clear.

Conclusion

With this decision, industry players now have clearer guidelines for operating and interacting with the market. This legal clarity will not only benefit Ripple and XRP, but also the entire crypto ecosystem in the United States.

Clearer oversight and supportive decisions from courts provide a more stable foundation for the crypto industry to grow and thrive in the future.

How To Buy Crypto With Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.

Learn How to Buy Crypto on Bittime.

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.