NFT News: The court victory of Ripple over the SEC is another step towards legalizing the cryptosphere and NFTs

NFT News: The court victory of Ripple over the SEC is another step towards legalizing the cryptosphere and NFTs

A three-year legal battle between Ripple Labs and the SEC has ended in a triumph for the technology company. The SEC, the main U.S. market regulator, dropped the charge of Ripple Labs that XRP transactions, like with most tokens, are illegal transactions in unregistered securities. This victory was another step towards the legalization of the crypto market and NFTs.

Ripple XRP revolutionary victory is the beginning of a new cryptoera

July 13, 2023 is a significant date in the history of the crypto market and the NFT world. On this day, a court ruling was made that the majority of tokens involved in XRP transactions could not qualify as securities.

Recall that this lawsuit has been ongoing since December 2020, when the SEC accused Ripple Labs of illegal XRP transactions. Similar indictments were filed against Binance and Coinbase. According to the SEC, these crypto exchanges traded unregistered securities, which included 12 tokens:

  1. AXS (Axie Infinity);
  2. ALGO (Algorand)
  3. BNB (Binance Coin);
  4. BUSD (Binance USD);
  5. ADA (Cardano);
  6. MATIC (Polygon);
  7. SOL (Solana);
  8. FIL (Filecoin);
  9. SAND (Sandbox);
  10. ATOM (Cosmos Hub);
  11. MANA (Decentraland);
  12. COTI (COTI).

The outcome of the legal battle between Ripple and the SEC is likely to determine the fate of these digital assets. Ripple’s successful defense will become a model for the projects behind these tokens. Now their chances of challenging the regulators’ accusations will increase significantly.

Implications of judicial triumph of Ripple for the crypto world and the NFT sphere

Ripple’s victory over the SEC should increase the level of regulatory certainty and legal protections in the crypto and NFT industry. The legal precedent allows for a clear distinction between valuable and non-valuable securities. Digital assets facing regulatory uncertainty will benefit.

Of course, Ripple’s legal triumph will not force regulators to stop investigating crypto and NFT projects for securities transaction violations. However, this will now be done more subtly with clearer guidance provided to token issuers. As a result of the change in regulatory approaches, the crypto industry and NFT projects can expect a more transparent environment for digital assets.

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