{"id":26475,"date":"2024-10-03T22:50:07","date_gmt":"2024-10-03T22:50:07","guid":{"rendered":"http:\/\/108042827"},"modified":"2024-10-03T22:50:07","modified_gmt":"2024-10-03T22:50:07","slug":"xrp-slides-9-after-sec-appeals-decision-in-landmark-ripple-case","status":"publish","type":"post","link":"https:\/\/wp.worldtechguide.net\/xrp-slides-9-after-sec-appeals-decision-in-landmark-ripple-case\/","title":{"rendered":"XRP slides 9% after SEC appeals decision in landmark Ripple case"},"content":{"rendered":"<div><img decoding=\"async\" src=\"https:\/\/wp.worldtechguide.net\/wp-content\/uploads\/2024\/10\/xrp-slides-9-after-sec-appeals-decision-in-landmark-ripple-case.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<p><span class=\"HighlightShare-hidden\"><\/span><\/p>\n<div class=\"InlineImage-imageEmbed\" id=\"ArticleBody-InlineImage-105464532\" data-test=\"InlineImage\">\n<div class=\"InlineImage-wrapper\">\n<div>\n<p>In this photo illustration, a visual representation of the digital Cryptocurrency Ripple is displayed on January 30, 2018 in Paris, France.&nbsp;<\/p>\n<p>Chesnot | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>The price of the XRP token tumbled Thursday, a day after the Securities and Exchange Commission <span class=\"waslinkname\">filed to appeal<\/span> a 2023 court ruling that determined XRP <span class=\"waslinkname\">is not considered a security<\/span> when sold to retail investors on exchanges.<\/p>\n<p><span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"SpecialReportArticle-QuoteInBody-3\"><span class=\"waslinkname\">XRP<\/span><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> was last lower by more than 8% at 53 cents a coin, according to Coin Metrics.<\/p>\n<p>Ripple, the largest holder of XRP coins, scored a <span class=\"waslinkname\">partial victory last summer<\/span> after a three-year battle with the SEC. U.S. District Judge Analisa Torres handed down the decision, which was&nbsp;<span class=\"waslinkname\">hailed as a landmark win for the crypto industry<\/span>. Still, while XRP isn&#8217;t considered a security when sold to retail investors on exchanges, it is considered an unregistered security offering if sold to institutional investors.<\/p>\n<p>Ripple declined to comment but referred to Wednesday evening posts on X by CEO Brad Garlinghouse and chief legal officer Stuart Alderoty.<\/p>\n<p>Alderoty said the company is <span class=\"waslinkname\">evaluating whether to file a cross appeal<\/span>, and called the SEC&#8217;s decision to appeal &#8220;disappointing, but not surprising.&#8221; The SEC, under Chair Gary Gensler, has become notorious for its refusal to provide clear guidance for crypto businesses, instead opting to regulate by enforcement actions.<\/p>\n<p>&#8220;XRP&#8217;s status as a non-security is the law of the land today &#8211; and that does not change even in the face of this misguided &#8211; and infuriating &#8211; appeal,&#8221; Garlinghouse <span class=\"waslinkname\">said on X<\/span>.<\/p>\n<p>Earlier on Wednesday, Bitwise Asset Management, an issuer of ETFs tracking bitcoin (<span class=\"waslinkname\">BITB<\/span>) and ether (ETHW), submitted a registration filing for what would be the first XRP ETF \u2013 two days after registering an XRP trust product in Delaware. Grayscale, which also has bitcoin (<span class=\"waslinkname\">GBTC<\/span>) and ether (<span class=\"waslinkname\">ETHE<\/span>) ETFs, <span class=\"waslinkname\">introduced a similar trust product<\/span> in September.<\/p>\n<p>XRP, which was created by the founders of Ripple, is the native token of the open source XRP Ledger, which Ripple uses in its cross-border payments business.&nbsp;It is the fifth-largest coin by market cap, excluding stablecoins&nbsp;Tether (<span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"SpecialReportArticle-QuoteInBody-12\"><span class=\"waslinkname\">USDT<\/span><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span>)&nbsp;and USD Coin (<span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"SpecialReportArticle-QuoteInBody-13\"><span class=\"waslinkname\">USDC<\/span><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span>).<\/p>\n<p>Elsewhere in the crypto market, <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"SpecialReportArticle-QuoteInBody-14\"><span class=\"waslinkname\">bitcoin<\/span><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> rose 1% to $60,941.60, while <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"SpecialReportArticle-QuoteInBody-15\"><span class=\"waslinkname\">ether<\/span><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> fell more 1% to $2,350.24. Crypto stocks <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"SpecialReportArticle-QuoteInBody-16\"><span class=\"waslinkname\">Coinbase<\/span><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> and <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"SpecialReportArticle-QuoteInBody-17\"><span class=\"waslinkname\">MicroStrategy<\/span><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> were lower by less than 1% each.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n<\/div>\n<div class=\"group\">\n<div class=\"RelatedContent-relatedContent\" id=\"SpecialReportArticle-RelatedContent-1\">\n<div class=\"RelatedContent-container\">\n<div class=\"RelatedContent-nonCollapsibleContent\">\n<h2 class=\"RelatedContent-header\">Don&#8217;t miss these cryptocurrency insights from CNBC PRO: <\/h2>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>In this photo illustration, a visual representation of the digital Cryptocurrency Ripple is displayed on January 30, 2018 in Paris, France.&nbsp; Chesnot | Getty Images The price of the XRP token tumbled Thursday, a day after the Securities and Exchange Commission filed to appeal a 2023 court ruling that determined XRP is not considered a &hellip;<\/p>\n","protected":false},"author":1,"featured_media":26476,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"hashtags":[],"class_list":["post-26475","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech","has-thumb","has-featured"],"_links":{"self":[{"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/posts\/26475"}],"collection":[{"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/comments?post=26475"}],"version-history":[{"count":0,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/posts\/26475\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/media\/26476"}],"wp:attachment":[{"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/media?parent=26475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/categories?post=26475"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/tags?post=26475"},{"taxonomy":"hashtags","embeddable":true,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/hashtags?post=26475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}