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July 17, 2023

XRP Locks in 60% Weekly Gain as Asset Is Deemed Not a Security

July 17, 2023

In one of the biggest rulings in crypto’s short history, a federal judge has just declared that XRP, Ripple’s digital asset, is not classified as a security when purchased by retail investors through crypto exchanges. 

Dive into the ongoing legal battle between Ripple Labs and the SEC, and explore how this ruling brings relief to the cryptocurrency industry, differentiating digital assets from securities for retail investors. 

Secondly, uncover the surge in search trends for Litecoin as its halving event draws near, and learn about the SEC’s acceptance of BlackRock’s spot Bitcoin ETF application.

  • XRP clinches significant victory in Ripple lawsuit
  • Litecoin social volume increases: 2 weeks until halving
  • BlackRock’s Spot Bitcoin ETF formally accepted by SEC

XRP clinches monumental victory in Ripple lawsuit

In what could be one of the most significant rulings in crypto history, a federal judge has determined that the digital asset XRP, created by Ripple, is not considered a security when purchased by retail investors.

The decision comes as part of the ongoing lawsuit between Ripple Labs and the Securities and Exchange Commission.

The lawsuit, filed by the SEC in December 2020, alleged that Ripple had engaged in the sale of unregistered securities by offering XRP to investors. 

Ripple, on the other hand, argued that XRP was never intended to be a security, highlighting the distinction between the token and shares in a company.

Finally, after 2 years of battles, Judge Analisa Torres, who presided over the case, acknowledged that programmatic sales and distributions of XRP to Ripple Labs employees did not qualify as the sale of unregistered securities. 

However, she did conclude that institutional sales, totaling $728 million in contracts, did constitute the sale of investment contracts, as those investors expected to profit from Ripple’s efforts.

The news was first released by Fox Business Journalist, Eleanor Terrett, on Thursday, and quickly confirmed by the CEO of Ripple Labs, Brad Garlinghouse

Tweet from the Fox Business Journalist, Eleanor Terrett
Tweet from the Fox Business Journalist, Eleanor Terrett



In his tweet, Garlinghouse was quick to thank all of the efforts that had been poured into the Ripple vs SEC case: a case that has been viewed as pivotal to the entire industry. 

If XRP had been classified as a security, it could have set a precedent for other cryptocurrencies to be regulated by the SEC and forgo the advantages of decentralization. Instead, the judge’s decision provides some relief for the industry, granting XRP and other cryptocurrencies a bit more freedom.

The immediate impact of the ruling was evident as the price of XRP surged more than 70% following the news. The coin’s price soared to a weekly high of $0.95 before settling at $0.75 to close out the week. 

Major US-based cryptocurrency exchanges, including Coinbase, Kraken, Crypto.com, Gemini, and BinanceUS, swiftly relisted XRP. However, platforms like Robinhood and eToro, which own a substantial market share, have yet to make a move.

While this ruling brings positive news for Ripple, and the broader cryptocurrency industry, the legal battle for Ripple is far from over. 

The judge’s ruling paves the way for a trial to determine whether Ripple violated securities law when selling XRP to institutional investors. Nonetheless, the ruling represents a significant milestone for Ripple, XRP, and the crypto industry, solidifying the distinction between cryptocurrencies and securities for retail investors.

Tweet from the CEO of Ripple Labs, Brad Garlinghouse
Tweet from the CEO of Ripple Labs, Brad Garlinghouse



Litecoin social volume increases: 2 weeks until halving

With the halving only 14 days away, Litecoin (LTC) has witnessed a surge in search trends, reaching a new yearly peak, according to fresh data released by IntoTheBlock, a blockchain analytic platform. 

Tweet from IntotheBlock depicting increasing social interest for Litecoin
Tweet from IntotheBlock depicting increasing social interest for Litecoin



Halving events have historically generated significant attention in the days leading up to them, as they increase scarcity, which has, historically, driven value. 

It is no surprise, therefore, that discussions surrounding Litecoin have intensified as the halving draws near. The latest data from IntoTheBlock reveals a growing search trend for Litecoin, despite the ongoing bear market in the crypto industry, which experts consider the longest in history. 

Historical data indicates that Litecoin’s market cap nearly tripled within nine months following the last halving in 2019. Considering the maturation of crypto markets since then, experts within the industry are excited that the upcoming halving could exert even more upward price pressure.

Some are also attributing the recent increase in social attention to the introduction of LTC-20 tokens on the network. Similar to BTC-20 tokens on Bitcoin, LTC-20’s are an experimental standard of NFTs, which has already attracted over 90,000 users and facilitated over a million transactions. 

Thanks to this increased network activity the Litecoin blockchain celebrated its 170 millionth transaction over the weekend. 

The tweet announcing this milestone indicated that Litecoin’s acceleration has continued, adding another 10 million transactions in the past seven weeks, averaging over a million transactions per week.

With the halving now only 2 weeks away, price movements for this crypto giant will be watched extremely closely.

Litecoin celebrates its 170 millionth transaction
Litecoin celebrates its 170 millionth transaction



BlackRock’s Spot Bitcoin ETF formally accepted by SEC

The United States Securities and Exchange Commission (SEC) has formally accepted BlackRock’s application for a spot Bitcoin exchange-traded fund (ETF). 

While this is just the beginning of a comprehensive regulatory journey, the acceptance of the application indicates the SEC’s willingness to explore the concept of a spot Bitcoin ETF and evaluate its potential impact on the market. 

ETFs are investment funds that track specific indexes and are commonly traded on exchanges. In the cryptocurrency realm, a cryptocurrency ETF mirrors the value of one or multiple digital tokens and encompasses a range of cryptocurrencies.

The SEC has also revealed that it is reviewing applications for several other funds, including Wise Origin Bitcoin Trust, WisdomTree, VanEck, and Invesco Galaxy, demonstrating a growing interest in digital asset investment products.

The presence of multiple filings and diverse proposals is viewed as a positive development for the crypto industry, as it increases the likelihood of success and allows the SEC to evaluate various strategies and concerns. 

Although the SEC has not yet approved a spot Bitcoin ETF in the United States, Canada has already authorized three major funds: Purpose Bitcoin, 3iQ CoinShares, and CI Galaxy Bitcoin.

The SEC’s acceptance of BlackRock’s ETF comes in the same week as BlackRock’s CEO, Larry Fink, stated that he expects crypto to “transcend” traditional currencies.

During an interview with CNBC, Fink told reporters that, “Importantly, because it’s so international, [crypto is] going to transcend any one currency in currency valuation.” 

He then reiterated that it was BlackRock’s responsibility to “democratize” and “transform investing” by offering new ETF products. Bitcoin and crypto have a “differentiating value versus other asset classes,” Fink said.

The acceptance of BlackRock’s application and the ongoing regulatory review process demonstrate the growing acceptance and recognition of cryptocurrencies as legitimate investment assets. 

Larry Fink interviewing with CNBC
Larry Fink interviewing with CNBC



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