Cryptocurrency prices skyrocketed after Ripple Labs inc won a partial victory in a lawsuit filed against it by the Securities and Exchange Commission. Judge Analisa Torres ruled that some cryptocurrency transactions do not count as securities sales. Let us tell you that in December 2020, SEC filed a case against Ripple.The SEC says that most digital assets are securities that must be registered. But at present it is impossible to do this under the current rules. There is no such concrete rule regarding cryptocurrency on the basis of which this should be done.
After this news, there was a jump of about 75% in XRP cryptocurrency on Thursday afternoon. The effect of this news was also that along with XRP, there was a boom in bitcoin and many other cryptocurrencies. After the announcement of this decision, the value of the entire cryptocurrency market almost increased to around $ 1.3 trillion. This decision by US District Judge Analisa Torres is the first victory for a cryptocurrency company in the case brought by the US Securities and Exchange Commission. By the way, SEC has also got partial victory.