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Ripple Labs Wins Against SEC; XRP Not a Security
Ripple Labs has secured an essential victory in its ongoing dispute with the United States Securities and Exchange Commission (SEC) after a ruling declared XRP is not a security when traded on digital asset exchanges. Despite this ruling, some legal experts warn of a possible appeal and caution that the outcome may not necessarily influence proceedings against digital exchanges such as Binance and Coinbase.
Binance Struggles With Mass Layoffs Amid DOJ Probe
Binance, the renowned cryptocurrency exchange, has recently let go of more than a thousand employees amidst regulatory hurdles and an ongoing investigation by the U.S. Justice Department. Reports from The Wall Street Journal on July 14 suggest the layoffs could ultimately account for over a third of the workforce. The majority of layoffs hit service workers, primarily in India, with the CEO of the company, Changpeng Zhao, dismissing the layoff numbers as “FUD” – fear, uncertainty, and doubt.
Trading Volume for XRP Surpasses Bitcoin on Upbit
The South Korean cryptocurrency exchange, Upbit, has seen trading volume for XRP outdo that of Bitcoin in the last 24 hours. Coming in the wake of Ripple’s favorable ruling against the SEC, the XRP/KRW trading pair posted a trading volume of 2.6 billion dollars during the past day.
Ripple Labs Victory Deemed a Landmark Moment, But Not a Call for Celebration Yet
While the crypto community is hailing Ripple Labs' victory against the U.S. securities regulator as a crucial moment, legal experts are advising caution. Despite hopes that other altcoins deemed securities by the SEC could be impacted positively, particularly in the cases of Binance and Coinbase, it’s too early to celebrate.
SEC Lawsuit Ruling Declares XRP is Not a Security
On July 13, the hurdle facing Ripple Labs was cleared by Judge Torres, who ruled in favor of the company in the SEC lawsuit. The judge decreed that approximately half of the 1.4 billion dollars in XRP token sales was not an illegal securities offer and that XRP is not a security.
