Cryptos Rally As SEC Drops Charges Against Ripple Leadership

Cryptocurrencies gained more than 3 percent in the past 24 hours amidst widespread euphoria following the Securities and Exchange Commission dropping charges against the top leadership of Ripple Labs, Inc., for abetting the violation of securities laws. Hopes of the favorable legal action in the Grayscale Investments case goading the SEC to approve a Bitcoin Spot ETF also supported sentiment.

The SEC in its lawsuit initiated in 2020 had alleged that Ripple Labs, Inc., Bradley Garlinghouse, CEO and Christian Larsen, the Executive Chairman had engaged in the unlawful offer and sale of securities in violation of Section 5 of the Securities Act of 1933. The SEC had also alleged that Christian Larsen and Bradley Garlinghouse engaged in unregistered individual XRP sales as well as aided and abetted Ripple’s violations.

In the ruling given on July 13, 2023, Judge Analisa Torres of the United States District Court of the Southern District of New York had denied the SEC’s motion for summary judgment on the aiding and abetting claim against Larsen and Garlinghouse.
The SEC has on Thursday dropped charges against the two top executives of Ripple Labs after both the parties agreed to a stipulated dismissal with prejudice. The SEC would however be pursuing the central case against Ripple Labs.

XRP (XRP) the native token of the XRP Ledger created by Ripple Labs jumped more than 7 percent in the past 24 hours as well as in the past week. Year-to-date gains exceed 52 percent.

Bitcoin gained 5.6 percent following the development and is currently trading at $30,022.93. The leading cryptocurrency had touched a high of $30,104.09 earlier in the trade. Weekly gains have jumped to almost 12 percent and year-to-date gains now exceed 80 percent.

Ethereum (ETH) also added 4.2 percent in the past 24 hours. 4.6 percent in the past week and close to 35 percent in 2023. Ether is currently changing hands at $1,618.90, after touching a high of $1,628.61 earlier in the trade.

Solana (SOL) tops gains among the top 10 non-stablecoin cryptocurrencies with an overnight gain of more than 12 percent. BNB’s (BNB) overnight gain of almost 2 percent is the lowest in this category. Though all cryptocurrencies in this top league are trading in the green zone on a weekly basis, BNB (BNB), Dogecoin (DOGE), Toncoin (TON) and Polygon (MATIC) continue to trade with year-to-date losses.

At the heart of the SEC’s dispute with the Ripple Labs is whether cryptocurrencies are in the nature of securities. The same reflected in SEC’s legal proceedings against Coinbase as well. Though the SEC has not backtracked on its legal dispute against Ripple Labs, several of the cryptocurrencies that the SEC had recently classified as securities have gained dramatically following Thursday’s SEC decision. Among the cryptocurrencies classified by SEC as securities in the case against Coinbase, Solana (SOL) has gained 12.5 percent followed by Polygon (MATIC) that has jumped 6.1 percent. Chiliz (CHZ) and Flow (FLOW) both added more than 5 percent whereas The Sandbox (SAND) gained 4.6 percent. Cardano (ADA), Filecoin (FIL), Axie Infinity (AXS), Internet Computer (ICP), NEAR Protocol (NEAR), Dash (DASH) and Nexo (NEXO) have all gained more than 3 percent.

Amidst the excitement triggered by the SEC decision, Bitcoin SV (BSV) extended its dream run, topping gains on an overnight basis as well as weekly basis. BSV has surged 29 percent on an overnight basis and 65 percent on a weekly basis.

Only 77th ranked Frax Share (FXS) and 53rd ranked XDC Network (XDC) are trading below the flatline. Only 11 of the top 100 cryptocurrencies are trading with weekly losses that exceed 1 percent.

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