[Featured Stocks] Coin-Related Stocks Rise on 'Not a Ripple Security' Judgment... Bitcoin Also Up ↑

The court ruled in favor of Ripple Labs, the issuer, in the securities lawsuit surrounding the virtual asset Ripple, leading to a surge in coin-related stocks.

[Image source=Reuters Yonhap News]

As of 9:36 a.m. on the 14th, Woori Technology Investment was trading at 4,060 won, up 5.73% from the previous session. Wijit also rose 5.92% to 877 won. Woori Technology Investment holds shares in Dunamu, the operator of Upbit, a domestic virtual asset exchange, while Wijit is classified as a stock related to the exchange Bithumb.

On the 13th (local time), the U.S. District Court for the Southern District of New York ruled in favor of Ripple Labs in the lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs. The court ruled that "Ripple Labs did not violate federal securities laws by selling Ripple to general investors on exchanges." However, it found that Ripple Labs violated federal securities laws by selling Ripple to institutional investors such as hedge funds.

The SEC filed a lawsuit against Ripple Labs in December 2020, claiming that Ripple was an illegal security that did not properly undergo the public offering process required by law. Ripple Labs, on the other hand, argued that it was a commodity, not a security.

Following the news of Ripple's victory, the prices of Bitcoin and Ripple have risen. This lawsuit outcome increases the likelihood that the U.S. Commodity Futures Trading Commission (CFTC), which has relatively lighter regulations than the SEC, will oversee most virtual assets. According to the global virtual asset market tracking site CoinMarketCap, as of 9:41 a.m. that day, the price of Bitcoin was $31,501 (approximately 39.99 million won), up 3.71% from the previous day. Additionally, Ripple surged 69.67% to $0.8 (approximately 1,016 won).

This content was produced with the assistance of AI translation services.