Crypto investors were shocked as the SEC equalized the match to 1-1 just minutes before the end of July. The court did not consider the sale of XRP Coin on the stock market as a security in its summary decision on Ripple. On the other hand, the statements made by another judge today were disturbing.
XRP Coin and Altcoins May Decline
Initially, the price of XRP Coin dropped to $0.7, but if BTC also loses $28,800, a significant pullback may occur on top of the recent statements. The court overseeing the Terraform Labs case decided to continue the lawsuit. However, the real important detail was related to the Ripple decision. Dave Michaels from the Wall Street Journal wrote the following a few minutes ago:
“In the SEC vs Terraform Labs case, the judge rejected the decision in the XRP case, determining that secondary market buyers have the same connection as the issuer and initial buyers. The decision allows the SEC case against Terraform Labs and Do Kwon to continue through UST, LUNA, and other assets. In summary, it seems like a useful decision for the SEC, which has experienced a setback in the XRP case against Ripple Labs.”
Although the match is tied at 1-1 for the SEC, altcoins like ADA and MATbIC that have been labeled as securities may be facing tough times again. The recent decision also increased the likelihood of the SEC getting what it wants if it appeals.
At the time of writing this article, the price of Bitcoin is at $29,200.
