Judge Says XRP Is Not Always a Security -- the Price Is Rocketing Higher
The price of XRP (CRYPTO: XRP), the cryptocurrency created by the company Ripple Labs, blasted nearly 36% higher today as of 1:09 p.m. ET after Ripple scored a big victory in court when a federal judge ruled that XRP is not "necessarily" a security.
The U.S. Securities and Exchange Commission (SEC) sued Ripple several years ago, claiming the company sold XRP tokens without registering them with the SEC, which violated securities laws because XRP is in fact a security.
This has been a big point of contention in the crypto sphere. The SEC claims that many cryptocurrencies are in fact securities and therefore must be registered with the SEC and fall under the SEC's purview. But most crypto advocates believe that cryptocurrencies are currencies and therefore should be regulated by the Commodity Futures Trading Commission, so this case has been closely watched by the entire sector.
Source Fool.com
