Alex Mashinsky, former CEO of bankrupt crypto lender Celsius Network, is under arrest and charged with fraud. Find out more.
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“Institutional buyers would have understood that Ripple was pitching a speculative value proposition for XRP with potential profits to be derived from Ripple’s entrepreneurial and managerial efforts,” the judge wrote. Other tokens that were recently described as unregistered securities by the SEC increased too: Solana is up about 30 per cent since the ruling and Cardano 25 per cent. Bitcoin held a three per cent gain to roughly the highest since June 2022, while Ether breached US$2,000.
“This underscores that direct sales of digital assets by an issuer will often be securities, but other sales, most notably sales on the secondary market, are unlikely to be deemed securities, which is a key argument in Coinbase’s defense against the SEC,” said Elliott Stein, Bloomberg Intelligence senior analyst for litigation.
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