Circuit

Read

<ul>
 <li>Judge Jackson’s ruling that XRP secondary sales aren’t securities boosts Ripple and sets a crucial precedent for the entire crypto industry.</li>
 <li>Judge Jackson and Torres’ aligned decisions clarify that crypto assets traded by individuals on exchanges do not qualify as securities.</li>
 <li>XRP price jumped over 1% after the ruling, aiming to regain $0.50, with increased interest from derivatives traders on OKX and BitMEX.</li>
</ul>
<p>Judge Amy Berman Jackson has upheld Judge Torres’ doctrine, asserting that XRP’s secondary sales are not securities. This ruling came during the <a href="https://cryptonewsland.com/binance-wins-key-court-battle-judge-dismisses-several-sec-charges-narrowing-legal-focus/" rel="noopener noreferrer nofollow">Binance vs. SEC case</a>, where the SEC’s claim regarding secondary sales of Binance’s BNB was dismissed. To that end, the ruling by Judge Jackson, in concurrence with that of Judge Torres on the sale of XRP, sets an example in the crypto industry.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">JUST IN<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f1fa-1f1f8.png" alt="🇺🇸" class="wp-smiley" style="height: 1em; max-height: 1em;">: MASSIVE WIN FOR XRP AND CRYPTO. JUDGE IN THE BINANCE CASE AGRESS WITH JUDGE TORRES THAT XRP IS NOT A SECURITY.</p>— Documenting Ripple <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4da.png" alt="📚" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4dc.png" alt="📜" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@RippleArchive) <a href="https://twitter.com/RippleArchive/status/1807054048241037360?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 29, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>The decision is going to be highly advantageous for Ripple and the cryptocurrency industry at large. It spells a clear message that cryptocurrency assets, which get exchanged at exchanges by private users, do not fall within the definition of securities. This decision comes after the <a href="https://www.ca2.uscourts.gov/" rel="noopener noreferrer nofollow">Second Circuit Court </a>upheld Coinbase’s same decision. Consequently, this marks the second major case where secondary sales of crypto are not considered securities.</p>
<h3 class="wp-block-heading" id="h-major-implications-for-the-crypto-industry"><strong>Major Implications for the Crypto Industry</strong></h3>
<p>This precedent is likely to influence ongoing and future crypto cases. Firms like Coinbase, Kraken, and Consensys can leverage this ruling to strengthen their legal positions. Judge Jackson’s detailed reasoning has closed an argument for the SEC. They can no longer argue that Judge Torres’ opinion on secondary sales stands unsupported.</p>
<p>Moreover, Judge Jackson emphasised that crypto assets traded over time by private individuals deviate from the Howey Test. This framework determines what constitutes an investment contract. Her stance leaves no clear principle differentiating between tokens that are securities and those that are not.</p>
<h3 class="wp-block-heading" id="h-positive-reactions-from-the-crypto-community"><strong>Positive Reactions from the Crypto Community</strong></h3>
<p>Pro-XRP lawyer Bill Morgan expressed optimism, noting the positive impact on XRP holders. This ruling also reduces the likelihood of the <a href="https://cryptonewsland.com/secs-last-minute-eth-etf-amendments-will-market-reaction-spell-bull-or-bear/" rel="noopener noreferrer nofollow">SEC appealing </a>Judge Torres’ summary judgment on XRP sales. An appeal risks escalation to the Second Circuit Court, which previously ruled in favour of Coinbase.</p>
<p>Coinbase CLO Paul Grewal highlighted this as a win for the crypto industry. The ruling adds considerable weight to Judge Torres’ earlier decision on XRP programmatic sales. The price of XRP recovered favourably, rising more than 1% from a $0.470 24-hour low. After reaching an intraday high of $0.480, the price traded at $0.475 in an attempt to reclaim the psychological $0.50 level.</p>
<p>Additionally, derivatives traders have shown increased interest. <a href="https://www.coinglass.com/" rel="noopener noreferrer nofollow">Coinglass data</a> revealed a 0.62% surge in total XRP futures open interest on platforms like OKX and BitMEX.</p>
<p>The alignment of Judges Jackson and Torres on crypto secondary sales as non-securities represents a milestone. It underscores a departure from the traditional Howey framework, providing much-needed clarity to the crypto industry. This decision Strengthens Ripple’s position and sets a positive tone for future crypto-related legal battles.</p>
<h4 class="wp-block-heading" id="h-read-also">Read also</h4>
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/binance-wins-key-court-battle-judge-dismisses-several-sec-charges-narrowing-legal-focus/" rel="noopener noreferrer nofollow">Binance Wins Key Court Battle: Judge Dismisses Several SEC Charges Narrowing Legal Focus</a></li>
 <li><a href="https://cryptonewsland.com/coinbase-prevails-in-lawsuit-over-secondary-sales-of-crypto-transactions/" rel="noopener noreferrer nofollow">Coinbase Prevails in Lawsuit Over Secondary Sales of Crypto Transactions</a></li>
 <li><a href="https://cryptonewsland.com/50-cents-gunit-token-hack-is-celebrity-influence-in-crypto-more-harm-than-help/" rel="noopener noreferrer nofollow">50 Cent’s GUNIT Token Hack: Is Celebrity Influence in Crypto More Harm Than Help?</a></li>
 <li><a href="https://cryptonewsland.com/theta-networks-nft-liquidity-mining-goes-live-on-thetadrop/" rel="noopener noreferrer nofollow">Theta Network’s NFT Liquidity Mining Goes Live On ThetaDrop</a></li>
 <li><a href="https://cryptonewsland.com/ripple-ceo-defends-xrps-non-security-status-amid-sec-appeal-drama/" rel="noopener noreferrer nofollow">Ripple CEO Defends XRP’s Non-Security Status Amid SEC Appeal Drama</a></li>
</ul>
<p>The post <a href="https://cryptonewsland.com/xrp-secondary-sales-deemed-non-securities-judge-torres-doctrine-stands/" rel="noopener noreferrer nofollow">XRP Secondary Sales Deemed Non-Securities, Judge Torres’ Doctrine Stands</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

XRP Secondary Sales Deemed Non-Securities, Judge Torres’ Doctrine Stands

Table of Contents

Crypto News Land

Outros artigos publicados em 29 de jun. de 2024

Hong Kong’s Crypto License Outshines Coinbase’s US Approval

Top 3 Altcoin Watchlist For Next Week

Uniswap Faces Strong Rejection, Slips Below $10, What’s Next?

Investors Focus on Meme Coins as Brett Surpasses $1 Billion Market Cap

Nigerian Official Suggests Blockchain, AI against Illicit Financial Flows

New Solana Coin King Pepe Will Explode 12,000% Within Two Days – Should You Buy?

Join our free newsletter for daily crypto updates!