• U.S. federal court ruled on Thursday that sale of XRP tokens on exchanges and through algorithms did not constitute investment contracts.
• Crypto exchanges such as Coinbase, Gemini and Kraken are now embracing XRP after the court ruling.
• Former Celsius CEO Alex Mashinsky was arrested Thursday on charges of fraud, with a judge setting his bail at $40 million.
Court Ruling Brings Clarity to Crypto Industry
The U.S. Securities and Exchange Commission (SEC) received a partial win in its fight against Ripple after a federal court ruled that the sale of XRP tokens on exchanges and through algorithms does not constitute an investment contract. Willkie Farr & Gallagher LLP Counsel Michael Selig and INX advisor Alex Damsker, who is a former SEC attorney, offered their insights into the judgement which has provided some much needed regulatory clarity to the crypto industry.
Crypto Exchanges Embrace XRP
Following the ruling, several crypto exchanges have started embracing XRP on their platforms including Coinbase (COIN), Gemini, Kraken and Bitstamp. Coinbase announced that it will restart trading for Ripple’s token if there is enough liquidity for it in its platform while Gemini said it is exploring the listing of XRP for spot and derivatives trading. Similarly, Kraken said United States residents can now deposit and trade XRP while Bitstamp stated that it will re-list the token on its exchange.
Former Celsius CEO Arrested
On Thursday, former Celsius CEO Alex Mashinsky was arrested by authorities on charges of fraud with a judge setting his bail at $40 million. The details regarding his arrest are currently unclear but more updates may be revealed in due course of time as investigations continue further into this matter.
Conclusion
The recent court ruling has brought some much needed clarity to the crypto industry with several exchanges embracing Ripple’s token following the judgement while former Celsius CEO Alex Mashinsky’s arrest has sent shockwaves across the crypto community.