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In the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), a significant change occurred last month when the court ruled that the sale of XRP on secondary markets is not considered a security. This decision by the court had a pioneering impact on the changes in the altcoin market. In response to this shift in balance, CoinGecko recently released a list of 48 altcoins, including BNB, ADA, SOL, TRX, MATIC, and TON, which are classified as securities by the SEC. The absence of Ripple’s service token XRP in this list attracted attention. Ripple CTO David Schwartz humorously responded to this situation by saying, “No oranges, live badgers, warehouse receipts for whiskey barrels, and no XRP on the list.”
Of course, CoinGecko’s decision not to include XRP in the list was due to a significant change in the legal environment surrounding the altcoin. At the heart of this situation is Judge Torres, who presided over the SEC’s lawsuit, ruling unequivocally that all sales of XRP, except those made to institutions, are not considered securities.
While some argue that Judge Torres’ decision will be overturned on appeal, attorney John Deaton, who represents the interests of XRP investors, pointed out that summary judgments by judges are usually very strong and rarely overturned on appeal. Attorney Bill Morgan speculated that Ripple’s sales of XRP would be differentiated from other token sales based on factors, suggesting that the court’s decision would have implications for future SEC lawsuits against altcoins.
The Crypto Industry Seeks Clarity
CoinGecko’s move to create a special list for altcoins classified as securities by the SEC is a step towards providing clarity for investors seeking clarity in the midst of regulatory complexity that the industry faces.
On the other hand, market observers and experts believe that with the full clarity of the XRP ruling, the SEC’s pressure on many altcoins will diminish. In such a scenario, there is expected to be a significant reduction in the list of 48 altcoins offered by CoinGecko, which are classified as securities by the SEC.
