XRP's Landmark Victory Over the SEC Sets a Positive Precedent for All Cryptocurrencies

 

Ripple's momentous win against the SEC this week is cause for celebration throughout the crypto community. This is big, since not only did it immediately boost XRP's price and reputation, but it also sets an important legal precedent that should give hope to other projects facing similar regulatory challenges, like Coinbase.

In simple terms, Judge Analisa Nadine Torres's ruling that XRP is "not a security on its face" means that the simple act of creating and selling a cryptocurrency token doesn't automatically make it a regulated security. The SEC will have to provide more detailed analysis on a case-by-case basis to prove that a token actually functions as an investment contract.

Prior to this ruling, there was a lot of uncertainty in the crypto space about where the regulatory lines would be drawn. Many projects feared the SEC might just label any popular cryptocurrency a "security" and severely restrict its usage.

But now we know that's not the case. If a cryptocurrency truly functions as a blockchain-based payment network or application - like Ripple has long argued for XRP - it has a strong case for not being classified as a security.

This positive development is great news for many of the major cryptocurrencies like Bitcoin, Ethereum, Litecoin and others that have always seen themselves as decentralized networks, not "securities".

The ruling also gives projects like Polygon, Solana, Cardano and Tron more confidence to continue operating and innovating without fear that the SEC might come knocking at their door and suddenly label their tokens "securities".

Clearly, there's still a lot of work to be done in terms of actual crypto regulation. But Ripple's landmark victory helps move the industry in the right direction by providing much-needed legal clarity and shining a light on the path forward.

Crypto investors breathed a collective sigh of relief today as Ripple's win significantly reduces regulatory uncertainty, giving hope and optimism that the crypto revolution can march on unimpeded. It was truly an incredible event for the entire industry.

 

Veteran crypto investor Adam Cochran Twitted:

1/5

Ripple case, here is the good and the bad.

But it is mostly *VERY* good for all alts, and a surprisingly big win for XRP.

First Judge did decide institutional sales/fundraising was securities. pic.twitter.com/esmjcIrzN0

— Adam Cochran (adamscochran.eth) (@adamscochran) July 13, 2023

 

Jake Chervinsky, Chief Policy Officer at Blockchain Association, said the ruling a win for crypto exchanges: 

Not legal advice, but my sense is US crypto exchanges should feel good about relisting XRP today.

— Jake Chervinsky (@jchervinsky) July 13, 2023

Happy New Year! 2021

 

New adventures are around the corner. Happy New Year!

Merry Christmas! 2020

Happy Holidays! I hope all of your Christmas wishes come true.

Happy Halloween 2019

Wishing you an eerie October and a boo-tiful Halloween!

 

“Black Monday” 1987 Stock Market Crash Will it Happen Again?

October 19, 2017 is the 30th year anniversary of "Black Monday" stock market crash (October 19, 1987), on this day stock markets around the world plunged. The Dow Jones Industrial Average fell 508 points marking a 22.6 percent drop, its largest ever one-day drop. The FTSE100 shed 11 per cent; and European markets followed the same downward pattern.

Following the big fall, regulators put new rules into effect, allowing for a halt in trading when there are exceptionally large price drops in certain indexes.

The fall in US markets was twice the size of those during the 1929 market crash (marked by a Black Tuesday and Black Thursday), and greater than any single-day move during the 2008 financial crisis. The recovery was almost as steep as the precipitous declines.

So will it happen again? It's possible since stock market involves risk however that kind of crash is highly unlikely.

Dow Jones industrial average is trading above 23,000 for the first time. It’s been nearly 16 months since S&P 500 index funds had a pullback of even 5 percent over the course of days or weeks, its longest such streak in two decades.

Many analysts expect the market to keep climbing, at least for the next year. The global economy is improving, corporate profits are rising and inflation remains low but not so low that it makes economists nervous.

Asian Shares and US Dollar Rise As Korea Tensions Ease

The US dollar is up while the Treasuries retreated and stocks rise as an appetite for risk returned to global markets after an anticipated North Korean missile test failed to materialize and Hurricane Irma struck the U.S. with less force than feared. Gold, the yen and Swiss franc all fell.

Bloomberg’s dollar index was headed for the first increase in eight days, while U.S. stock futures rose and Treasuries slipped after Irma weakened and shifted direction to spare Miami a direct hit. The Stoxx Europe 600 Index jumped the most in more than a week as all the region’s major stock gauges advanced and almost every sector gained. Earlier, equities across Asia traded in the green. Oil advanced as Gulf Coast refining capacity continued to recover after getting hit by Harvey.

Pyongyang warned of retaliation if the UN Security Council approves harsher sanctions over its recent nuclear test in a vote on Monday. The regime “is closely following the moves of the U.S. with vigilance,” the North’s state-run Korean Central News Agency said Monday.

“The better risk environment has seen Treasury yields move higher while the yen retreated,” wrote Chris Scicluna, head of economic research at Daiwa Capital Markets in London in a client note. Hurricane Irma appears “not to be quite as catastrophic as had been feared last week” and “thankfully there was no bad weekend news out of North Korea either,” he said.

Chinese stocks closed on a steady note after August inflation data released over the weekend came in better than expected, mainly on account of higher material costs.

The benchmark Shanghai Composite index rose 11.18 points or 0.33 percent to 3,376.42 while Hong Kong's Hang Seng index was up over 1 percent at 27,954 in late trade.

Japanese shares closed at their highest level in more than a week as the dollar recovered from a 10-month trough against the yen and data showed Japanese core machinery orders rose in July at the fastest pace since January 2016.

The Nikkei average jumped 270.95 points or 1.41 percent to 19,545.77, led by gains in recently battered automakers and financial stocks. The broader Topix index closed 1.17 percent higher at 1,612.26.

Australian shares rose sharply as banks and energy stocks rallied, helping more than offset weakness in the mining sector.

The benchmark S&P/ASX 200 index jumped 40.50 points or 0.71 percent to 5,713.10 while the broader All Ordinaries index finished 35.70 points or 0.62 percent higher at 5,775.10.


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Chinese Company Wants To Buy Jeep

Chinese SUV manufacturer Great Wall Motors said that they are interested in acquiring the American car company Jeep, which is their attempt to expand globally. A company spokesman confirmed the bid interest on Monday, though a formal offer has not been made, according to the Associated Press.

In a statement, Jeep owner Fiat Chrysler, responding to what it called “market rumors,” said it has not been approached by Great Wall Motors for any business matters. Nevertheless, shares of Great Wall and Fiat Chrysler jumped on the possibility of a tie-up.

Fiat Chrysler statement: “In response to market rumors regarding a potential interest of Great Wall Motors in the Jeep brand, Fiat Chrysler Automobiles ... confirmed that it has not been approached by Great Wall Motors in connection with the Jeep brand or any other matter relating to its business. FCA is fully committed to its 2014-18 plan, having achieved each one of its targets to date and with only six quarters left to its completion.”

The news is not a surprise to people in the auto industry, since Fiat Chrysler chief executive Sergio Marchionne has made no secret of his desire for a merger or buyer to better position the world’s seventh-largest car company to compete globally against the likes of Volkswagen and Toyota. He previously pursued a deal with General Motors.

In April, he said Chrysler’s Jeep and Dodge brands are strong enough to stand alone like Ferrari, which the company spun off in 2015.

Italian automaker Fiat merged with Chrysler after the American auto giant stumbled during the Great Recession and filed for bankruptcy protection in 2009. The conglomerate’s brands include not just Fiat and Chrysler, but Alfa Romero, Maserati, Dodge, Ram and Jeep among others.

But Jeep and the Ram truck line are considered Fiat Chrysler’s most highly valued properties. Without Jeep, analysts said the automaker would be greatly diminished. Jeep has enjoyed several years of strong growth, however U.S. sales dropped by 13% in the first half of 2017, that has been due mainly to a restructuring of Jeep production in the U.S. The brand remains highly prized and would be, perhaps, the strongest enticement for anyone to partner with or purchase Fiat Chrysler.

Established in 1984, Great Wall is China’s largest manufacturer of SUVs and pickups

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