SEC admits it lost, enshrines XRP as a Digital Commodity
The ridiculous battle with US regulators is over, and XRP can now grow from strength to strength.
A judge told the SEC it had lost its ridiculous, multi-year effort to classify XRP as a security in July 2023 when the US District Court for Southern New York ruled that Ripple did not sell unregistered securities to retail investors.
However, it’s one thing to have a judge rule against you. It’s another thing to actually admit it yourself.
Yesterday, the SEC finally admitted it too, on its own website.
Market Context
XRP is a digital commodity. Yes, that’s an official designation, and XRP is listed by name on SEC.gov.
Here is the full URL, in all its spectacular glory.
https://www.sec.gov/files/rules/interp/2026/33-11412.pdf
This is the moment the XRP community has known was coming since Commissioners’ doomed lawsuit started in December 2020. What a pointless waste of time.
Right there, on page 14 of that PDF, permanently filed into the Federal Register so that everyone will know Ripple and XRP won, forever.
“A digital commodity is a crypto asset that is intrinsically linked to and derives its value from the programmatic operation of a crypto system that is functional, as well as supply and demand dynamics, rather than from the expectation of profits from the essential managerial efforts of others. Examples of digital commodities include XRP (XRP).”
Read it and weep, Gary Gensler and Jay Clayton.
News
SEC officially classifies XRP as a non-security Digital Commodity (SEC.gov)
South Korea fines Bithumb $24 million (Yna.co.kr)
Argentina blocks Polymarket access (BATimes)
Arizona AG criminally charges Kalshi in illegal gambling claims (CNBC)
CFTC Chairman calls Arizona AG’s Kalshi lawsuit “entirely inappropriate” (X)
US, UK and Canada launch anti-pig butchering initiative (Decrypt)
S. Korea central bank starts real-world testing of deposit tokens (Coindesk)
Bitrefill, in bankruptcy, accuses North Korea-linked Lazarus hacker group (Coindesk)
Moody’s launches on-chain credit ratings (Moodys)
World (formerly Worldcoin) and Coinbase $COIN collaborate (World.org)
CoinCenter pushes for formal rulemaking over no-action letters (X)
PayPal expands stablecoins to 68 more countries (Fortune)
OpenSea delays SEA token launch (X)
XRP options cluster at $1.40 on Deribit (Coindesk)
Nothing in this newsletter is financial or investment advice. We summarize news for informational and entertainment purposes only. We do not provide advisory services, guidance, or information regarding trading or investing. Past performance is not indicative of future results.
XRP Premium Analysis
Although it’s a nice milestone to see Ripple’s victory over Gary Gensler’s SEC enshrined for posterity, we have all known that for years. It’s time to focus on making money.
My thesis is that we are still in a bitcoin-led crypto bear market structure of lower highs, not a new sustainable bull run. Therefore, many XRP bulls are mispositioned, because…