Ever watched a boxing match where the little guy knocks out the champion and everyone's jaws just drop to the floor?
That's pretty much what happened in crypto when Ripple Labs stood up to the U.S. Securities and Exchange Commission (SEC) – and won.
Thanks to U.S. District Judge Analisa Torres. She basically said, "Half of Ripple's XRP sales were not violating any investor-protection laws."
This was a big deal. Why? Because the SEC loves to label any crypto that isn’t Bitcoin as illegally sold securities even when they don’t tick the boxes of the Howey test.
Howey Who?
If you're new around here, the Howey Test is a rule from the U.S. Supreme Court that decides if certain transactions are "investment contracts." If they are, they're considered securities and come with some serious red tape.
But here's the catch: one key part of the Howey Test is the promise of profits from the efforts of others. When you buy tokens like XRP, no one is promising you'll make bank solely because of someone else's hard work.
SEC: Ready for Round Two
Then again, you know how the former champion never gives up even when their glory days are obviously over and challenges the new champion to reclaim their lost glory? Yeah, the SEC is saying the Judge was wrong and wants to appeal the case again.
So, if the SEC is gearing up for another fight, they might be setting themselves up for a second "L." This could be the reality check the SEC needs. They might have to go back to the drawing board and rethink their strategy. But at this point, who really cares?
What Happens if the SEC Loses Again?
Another loss for the SEC could be a huge win for crypto. It would give crypto businesses more solid ground and might even lead to clearer, fairer regulations.
The Ripple case has already given hope to other folks fighting the SEC over their crypto sales. A second "L" for the SEC? That could be a huge victory for all of us in the crypto industry.
Ladies and gentlemen, as everyday goes by we are living the reality of the fundamentals that are shaping the future of our financial lives, and it brings me to why I write everyday.
Balaji Saravan raised legit concerns backed with facts, Wikipedia history and shit, he’s not the only one but he may have made the loudest noise, something many of us have been trying to say and he put his money where his mouth was, clearly something is off somewhere
I’m no Balajis and I don’t have $1m to put on the line, but I’m putting out my experience, my convictions, the noteworthy occurrences having direct impact in our lives, my failures and successes, my own type of $100m that the existing financial system is not in our financial future, the pivot plan that works and how Crypto and Ai are playing a huge role in this future it’s not only a required skill it is going to be our way of life. But I digress.
July Dips are for picking
Now to the crust of this post. When the Judge declared Ripples XRP as not security, it sent ripples through crypto, literally, XRP pulled a 60% pump in broad daylight, with the price of Bitcoin making a new yearly high at almost $32000.
A second win will signal a reconfirmation of the first win and one interesting thing is that, XRP made some noise in the first win, it brought attention to traders and investors alike and for others it served as a confirmation that what they believed in and held for so long was legit and what did you think many are doing?
I’ll like to think many added to their bags as the price corrected and have been picking up the dips being one of the most proven staunch crypto holders in the entire crypto. Moreover, many media outlets told the story of the win as a partial win making many sit on the fence a second win has the potential to make prices reach new heights.
So as we watch this unfolding drama between Ripple Labs and the SEC, we have to ask ourselves: What does this mean for the future of cryptocurrencies? Could July become the 'aggressively Buy every dip you see month'? Only time will tell." What are your thoughts?
Posted Using LeoFinance Alpha
Not a very wise move at all