⚖️SEC Suffers Blow In Ripple Lawsuit: DeFi Week of July 9

Happy weekend Defiers!

It was another bullish week for web3, with digital assets rallying after a U.S. judge ruled that Ripple’s XRP token is not a security. While Ripple still faces alleged securities law violations, the court said the XRP digital asset does not comprise an investment security contract, even if the token was sold via as a securities contract.

While XRP and other assets facing SEC lawsuits rocketed, most assets posted significant gains in response to the news, driving ETH to briefly trade above $2,000 for the first time since May. Ripple has been fighting the U.S Securities and Exchange Commission since 2020, with the regulator recently ramping up enforcement actions against cryptocurrencies it alleges are securities.