🧵 1. Altcoins soar, led by Ripple's XRP with a 68% surge in 24 hours, as traders react to a ruling challenging US regulators' crackdown on digital asset trading. #crypto
🧵 1. Altcoins soar, led by Ripple's XRP with a 68% surge in 24 hours, as traders react to a ruling challenging US regulators' crackdown on digital asset trading. #crypto
🧵 2. Solana's SOL (+26%) and Cardano's ADA (+21%) also rally, along with Algorand's ALGO (+12%) and Polygon's MATIC (+9%). All recently labeled as securities in SEC suits.
🧵 3. US District Judge questions SEC's classification of tokens in lawsuits against Coinbase and Binance, giving hope to Ripple (XRP) and the crypto industry.
🧵 4. The SEC's three-year legal battle with Ripple over XRP being a security takes a turn. Judge rules that XRP is not necessarily a security, triggering industry optimism.
🧵 5. This landmark ruling challenges the SEC's authority on token classification, potentially impacting the fate of thousands of cryptocurrencies. Industry hopes for more rational regulation.
🧵 Read more at: https://www.cnbc.com/2023/07/14/its-like-2021-again-as-crypto-altcoins-soar-as-much-as-66percent.html
The #sec is going to appeal this decision.