The news sent the price of XRP, a token designed for cross-border payments, up some 70% to about 92 cents.
Torres’ ruling did fall partly in the SEC’s favor, as she found that some of Ripple’s sales — to hedge funds and other sophisticated buyers — did violate securities laws.
Gensler has said that most crypto tokens — with bitcoin as a notable exception — are securities that fall under the SEC’s jurisdiction.
‘Some much needed sunlight’Despite the nuance of Torres’ ruling, crypto investors are cheering it as a long overdue win.
“This ruling, although nuanced, provides some much needed sunlight and cheer into the altcoin space, those non-Bitcoin tokens.”
Persons:
Analisa Torres, XRP, Gary Gensler, Torres ’, Stuart Alderoty, ”, “ XRP, “ We’ll, Gensler, Teresa Goody Guillén, Coinbase, Torres, Sam Bankman, Alex Mashinsky, Mashinsky, Antoni Trenchev
Organizations:
New, New York CNN, Securities and Exchange Commission, Southern, of, SEC
Locations:
New York, of New York, United States