Artemis Investment Limited - Ripple Labs ruling boosts Bitcoin to 13-month high

ADMIRALTY, Hong Kong - Aug. 3, 2023 - PRLog -- Ripple Labs Inc. did not breach securities legislation by selling its XRP coin on public exchanges, according to a US court on Thursday.

The decision represents the first victory for a cryptocurrency corporation in a Securities and Exchange Commission complaint. Although the ruling was limited to a single instance, it inspired hope among cryptocurrency investors that additional cryptocurrencies may not be classified as securities in the future.

Nonetheless, others were disappointed to learn that Binance, the world's biggest cryptocurrency exchange, has cut off over 1,000 employees in recent weeks, according to the Wall Street Journal. The layoffs are continuing and may result in the exchange losing more than a third of its workforce, according to the article, which cited a source familiar with the situation.

Coinbase also stated on Friday that it will restrict its crypto staking services for retail users in California, New Jersey, South Carolina, and Wisconsin, awaiting actions filed by multiple states last month, alleging that the program violated securities laws.

Bitcoin reached its highest price since June 2022 earlier today, reaching $31,818 before creeping down to roughly $30,091 at 09:00 GMT July 14, 2023.

The second-largest cryptocurrency, ether, had its highest session since March, while XRP, which a US court said may be lawfully traded on public crypto exchanges, rocketed 73% and maintained the majority of its gains on July 14, Friday.

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