Let It Rip
Crypto Markets Roar as the SEC Takes a Big L
Ripple (XRP)’s price is currently surging like it’s 2017.
Why’s that?
Because a judge in the Southern District of New York ruled today that XRP is “not necessarily a security on its face”.
Why does this matter?
Because it takes power over crypto markets and exchanges out of the hands of the SEC, an organization that has attempted to exercise undue and unwarranted power at every turn since Gensler has been at its helm.
At new renaissance capital, we love to see bureaucrats with authoritarian tendencies take Ls — especially corrupt ones like Gary Gensler.
Hopefully, the next loss the SEC takes is against Greyscale, which is currently suing the agency for its denying its spot Bitcoin ETF proposal and which recently pointed out the hypocrisy in the SEC’s approving a leveraged Bitcoin ETF while denying Greyscale’s spot Bitcoin ETF.
The denial of Greyscale’s spot Bitcoin ETF was a massive catalyst for crypto markets tanking in 2022.
Gary Gensler and the SEC haven’t protected American investors. Instead, they’ve tried to seize power that wasn’t granted to them. Today, they’ve officially lost some of that power.
After such a garbage year and a half in the Bitcoin/crypto space, especially as it pertains to US regulation of the industry, today’s ruling from the Southern District of New York is a welcomed victory and a breath of fresh air.
Finally, I don’t own any XRP, and I don’t care about XRP. But I do have friends that do, and I’m happy for them and their victory today.
Will write more about this over the weekend.
Best,
Frank
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