Benzinga - Several popular cryptocurrencies including Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) are spiking midday Thursday after a judge ruled that Ripple (CRYPTO: XRP) sales of XRP do not constitute offers of investment contracts.
What To Know: The SEC sued Ripple in late 2020, alleging that the company and two of its executives raised over $1.3 billion through an unregistered securities offering.
"We allege that Ripple, Larsen, and Garlinghouse failed to register their ongoing offer and sale of billions of XRP to retail investors, which deprived potential purchasers of adequate disclosures about XRP and Ripple's business and other important long-standing protections that are fundamental to our robust public market system," the SEC said at the time.
The outcome of the lengthy court battle is likely to be a pivotal moment for the entire industry. The ruling that XRP is not a security is likely to set a standard for the rest of the crypto space, which the SEC has long argued is riddled with unregistered securities.
XRP was up more than 26% following the ruling. Other popular crypto tokens moving on the news include Bitcoin, Ethereum, Dogecoin (CRYPTO: DOGE), Litecoin (CRYPTO: LTC) and Cardano (CRYPTO: ADA), among others.
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$BTC, $ETH Price Action: At the time of publication, Bitcoin was up 1.38%, Ethereum was up 3.08%, Dogecoin was up 3.67%, Litecoin was up 6.64% and Cardano was up 7.89%.
Photo: Eivind Pedersen from Pixabay.
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