2023-07-14 04:01:00
The price of the digital currency soared on Thursday after the publication of an unfavorable judgment to the American market regulator.
By QM with AFP The price of bitcoin, whose global capitalization exceeds 600 billion dollars, rose on Thursday to 31,818 dollars (illustration image). © Fernando Gutierrez-Juarez / dpa / Fernando Gutierrez-Juarez/dpa
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The price of bitcoin rose to its highest level in thirteen months on Thursday, July 13, after the publication of a judgment contrary to the American regulator of markets, the SEC, in which some see a favorable precedent for cryptocurrencies. The world’s most important digital currency, whose global capitalization exceeds 600 billion dollars, has risen to 31,818 dollars, a first since the beginning of June 2022.
All major cryptocurrencies surged in unison, including Ethereum, and its unit, Ether, which took over 6% in minutes. A federal judge in Manhattan on Thursday partially dismissed the SEC’s attack on the creators of the XRP cryptocurrency, Ripple Labs, accused of having marketed their currency without first registering it with the Wall Street policeman.
The SEC has argued for several years that some digital currencies are financial securities, like stocks or bonds, and therefore subject to its oversight as investment products, a much-contested view. Magistrate Analisa Torres felt that this argument could not hold for individuals who bought XRP, even though she agreed with the SEC regarding institutional investors.
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A snub for the SEC
This judgment is a snub for the SEC, which has changed gears in recent months and sued the world’s largest cryptocurrency exchange platform, Binance, as well as the leading American player, Coinbase. Since 2020, a dozen participants in the sector have been targeted by the regulator, decided to clean up what the president of the body, Gary Gensler, describes as the “Wild West”.
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Critics of the latter, including elected members of Congress, accuse him of wanting to apply a new technology to an old and unsuitable regulatory framework. Requested by Agence France-Presse, the SEC did not respond immediately.
Thursday’s decision boosted the entire cryptocurrency and blockchain industry, the technology on which digital currencies are built. Coinbase thus gained 24.49% during the session on Wall Street, while the specialist in online payments, Block, very active on the blockchain, took 6.99%.
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