First Mover Americas: XRP Gains 66% on Ripple’s Partial Court Victory
The latest price moves in crypto markets in context for July 14, 2023.

This article originally appeared in , CoinDesk’s daily newsletter putting the latest moves in crypto markets in context..

Ripple Labs a partial victory in its fight with the U.S. Securities and Exchange Commission (SEC) in a court ruling that brought a modicum of regulatory clarity for the cryptocurrency industry.The sale of Ripple’s XRP tokens on exchanges and through algorithms did not constitute investment contracts, a judge in the U.S. District Court for the Southern District of New York Thursday. However, the institutional sale of the tokens did violate federal securities laws, the judge ruled. XRP soared as much as 80% on the news with crypto exchanges Coinbase and Gemini among those saying they might list or re-list the token. Early reads from legal experts, though, suggest the ruling falls short of settling the question of whether and under what circumstances a digital asset meets the definition of a security under U.S. law.
Ripple’s has surpassed Binance’s BNB token to become the world's four-largest digital asset by market cap after its 66% post-court ruling advance brought its valuation to $41.44 billion, . BNB – which rallied 6.5% in wake of the court ruling – now has a market cap of $40.57 billion. Ripple bulls however, shouldn’t forget the second part of yesterday’s court decision. “The Court has found Ripple to be in violation of securities laws, specifically in relation to direct sales to institutional investors,” wrote CoinShares’ Head of Product Townsend Lansing in an email to CoinDesk. “As such, XRP is not only deemed a security, but questions have arisen regarding the legality of its offering,” he continued. “In regards to these sales, the Court has confirmed that the law was indeed violated, marking a considerable victory for the SEC and setting a precedent for its legal actions against other cryptocurrencies."
Alex Mashinsky, co-founder and former CEO of insolvent crypto lender Celsius, was in New York on Thursday following an investigation into the company's collapse, the U.S. Department of Justice (DOJ) confirmed to CoinDesk. Mashinsky and others are charged with seven criminal counts including securities fraud, commodities fraud, wire fraud and conspiracy to manipulate the price of Celsius' token CEL, according to the unsealed DOJ indictment. The criminal charges were accompanied by three separate lawsuits against Mashinsky and Celsius by the U.S. Securities and Exchange Commission (SEC), and .

- Omkar Godbole
Edited by Stephen Alpher.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
VIPBitget VIP Weekly Research Insights
Stablecoins have recently emerged as a key focus for central banks and financial institutions, with the potential to reshape global payment systems and financial infrastructure. According to data from Chainalysis, stablecoins have surged to a monthly trading volume of trillions of dollars, accounting for 60% to 80% of total cryptocurrency trading volume. This explosive growth has attracted significant attention from traditional financial players, who are accelerating their integration into the digital economy by issuing stablecoins, contributing to blockchain network development, and offering related financial services. In the U.S., financial giants such as JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo are exploring the potential of jointly issuing stablecoins. At the same time, regulatory discussions surrounding stablecoins and the proposed GENIUS Act are gaining significant momentum in mainstream media. In the Web2 world, traditional companies like Stripe have entered the space by acquiring Bridge to build out stablecoin payment capabilities. Meanwhile, Circle has emerged as one of the most influential crypto firms in the U.S. stock market, second only to Coinbase, driven by the success of its USDC stablecoin. In the DeFi space, Yield-Bearing Stablecoins (YBS) are drawing substantial capital inflows with their innovative interest-generating mechanisms.

VIPBitget VIP Weekly Research Insights
Real World Assets (RWAs) bring real-world financial instruments such as bonds, real estate, and credit onto the blockchain, enabling tokenization, programmability, and global accessibility of traditional financial assets. With U.S. interest rates peaking, monetary policy turning dovish, and ETFs paving the way for institutional capital to enter the crypto space, RWAs have emerged as a leading theme capturing growing institutional attention.

VIPBitget VIP Weekly Research Insights
The Base chain has recently seen several major strategic developments: Coinbase has integrated DEX routing for Base on its main app, bridging the gap between CeFi and DeFi liquidity; Shopify has partnered with Base to expand real-world applications and user access points. At the same time, Circle and Coinbase stocks have surged by over 700% and 50% respectively, creating a wealth effect that may spill over into the Base ecosystem—boosting both its TVL and token prices. Recommended projects include: 1) AERO (Aerodrome)—The leading DEX on Base, showing strength despite market downturns; well-positioned to benefit from Coinbase integration. 2) BRETT—A flagship memecoin on Base with over 840,000 holders; likely to lead the next Base memecoin rally. 3) New tokens on Bitget Onchain—Offer early access to emerging Base memecoins while helping users avoid high-risk tokens.

Trending news
MoreCrypto prices
More








