Welcome back to Altcoins at a Glance! This has been a good week for all altcoins. The judge on the Ripple Labs vs. SEC case just gave a verdict that pumped altcoin prices. We’ll also be summarizing other news about your favorite tokens. Let us get started.
XRP Verdict Pumps Altcoins
- Judge Analisa Torres gave a verdict on the Ripple Labs vs. SEC last Thursday. The Judge ruled out that XRP when offered in exchanges is not security.
- However, XRP tokens offered directly to institutional buyers are securities.
- The case started in December 2020, when the US Securities and Exchange Commission accused Ripple Labs, the creator of XRP, of selling unregistered securities.
- The victory led to a rally in Bitcoin and altcoin prices.
- Coinbase also announced that it will be relisting XRP.
- XRP price reached more than 0.96 which is around a 100% increase from the previous day
Prices of Altcoins like MATIC, SOL, and ADA Rallied after the XRP Court Ruling
- Cardano (ADA), Solana (SOL), and Polygon (MATIC) are just some of the altcoins that pumped following Ripple Lab’s victory in the court case.
- Altcoin prices surge 20% or more.
- The SEC sued Coinbase and Binance for allegedly selling unregistered securities like ADA, SOL, and MATIC
- The court ruling says the XRP sold in exchanges are securities. The companies behind these altcoins can use this ruling to fight SEC allegations.
Polygon 2.0 Proposal
- Developers of Polygon (MATIC), submitted a proposal to upgrade the layer 2 protocol.
- The upgrade will change the current MATIC token to POL.
- Polygon will become the value layer of the internet if the upgrade is pushed through.
- Polygon 2.0 would work with a variety of Polygon-based protocols and networks, including Ethereum, Bitcoin, Binance Smart Chain, and others – without the need for intermediaries or bridges
- Owners of the token are given the ability to become validators and earn incentives.
- Under the proposal all MATIC tokens need to be converted to POL.
Celsius Executive Charged with Fraud
- Alex Mahinsky and Roni Cohen-Pavon were arrested for securities fraud
- The former Celsius executives are accused of artificially inflating the value of the company’s token, CEL.
- The DOJ said that Mashinsky and Cohen-Pavon profited from their token sales, earning $42 million and $3.6 million, respectively.
- Celsius was one of the largest crypto lenders before its collapse in 2022.
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Featured Image from Pixabay
