The US Securities and Exchange Commission (SEC) has settled on a security claim in the library case, in which the sale of Library Credits (LBC) tokens in the secondary market is not considered a security. Attorney John Deaton settled the debate during an appeal hearing, which was seen as a victory for the entire crypto industry as a win against SEC’s regulatory overreach. It is also positive news for Ripple, which is currently facing a securities lawsuit from the SEC over the sale of XRP tokens. A pro-XRP Twitter account claimed the ruling makes XRP a non-security as well.
The SEC settles on security claim in the Library Case
In this episode of The Daily Crypto News, Dusty covers a very interesting piece of news in the crypto world. The US Securities and Exchange Commission (SEC) made an admission in the Library vs. SEC case that the sale of LBC tokens in the secondary market does not constitute a security. This admission is being called a victory for the entire crypto industry against the SEC’s overreach regulation by enforcement.
A crucial victory for Ripple
The recent ruling on Library coins status in the secondary market could work in favor of Ripple’s ongoing lawsuit with SEC. A pro-xrp Twitter account set the ruling makes xrp a non-security as well. This development is positive for the Ripple case, although not conclusive enough to finish the Ripple loss or anything like that. Dusty is still extremely bullish on the xrp price and believes it is a late rusher, which will excel to the moon if we get a crazier rally going specifically because the Ripple case might soon be finished.
Crypto being targeted by bigger parties
Dusty also highlights that crypto is being targeted by bigger parties, especially in the US. The White House has published its crypto policy vote map saying Bitcoin adoption by mainstream institutions would be a grave mistake. John Dean believes that we will soon witness the final and most aggressive push to shut down crypto. These major entities are not done trying to take down crypto at least put it under their thumb, and for some reason, not make the most amount of money.
Jim Cramer believes bulls could party on U.S Federal Reserve decision
Dusty also shares Jim Cramer’s opinion that regardless of what happens in the grand scheme of things to the major indices and the major economy, Ripple/xrp really is doing a lot of work on a different level. Ripple has many different verticals, one of them being in payment processing, and it will only increase in times of major drastic world problems or indices crashes. Dusty cannot really fathom a new reality with Ripple and xrp from that perspective where xrp would perform bad if the markets were to crash like crazy again.
Important economic calendar events
Following the economic calendar, several important decisions are expected this week. Dusty encourages viewers to stay informed and keep an eye on the market changes. Dusty also provides links to crypto exchanges for viewers who are looking for a platform to trade on.