Cryptos gain as market calls Ripple outcome a victory over SEC

Cryptos gain as market calls Ripple outcome a victory over SEC
Financial penalty was well below the $2B sought.
AUG 08, 2024
By  Bloomberg

Major cryptocurrencies ticked upwards on Thursday after Ripple Labs Inc. was ordered to pay a $125 million penalty — an outcome the firm framed as a victory over the US Securities and Exchange Commission. 

Bitcoin rose as much as 4.5% to over $57,600 while Ether, the second-largest token, was at one point up almost 5%. Both tokens are still well below their level a week ago, following a decline on Monday that was the market’s steepest since the days of FTX in 2022. 

That came as a global stocks selloff intensified, reflecting concerns about the economic outlook and rising tensions in the Middle East, as well as fears that heavy bets on artificial intelligence may fail to bear fruit.

Markets remain “pretty nervous after the events that took place earlier this week,” said Benjamin Celermajer, co-chief investment officer at Magnet Capital. “If confidence grows that the concern was overblown, I believe many will view markets to have sold off too hard,” he added. 

Cryptocurrencies intially clawed back some of those losses on Tuesday but that bounceback quickly petered out. Bitcoin was trading at $57,449 and Ether at $2,457 at 11:03 a.m. in Singapore on Thursday. 

A federal judge on Wednesday ordered Ripple to pay a civil penalty of $125 million, a fraction of the almost $2 billion the SEC had sought. The regulator sued Ripple in 2020, accusing the company of raising money by selling the XRP token without registering it as a security. XRP rose as much as 25% after the ruling. 

Copyright Bloomberg News

Latest News

Advisor headcount down at Bank of America, Osaic and UBS so far in 2025, Wolfe Research analyst says
Advisor headcount down at Bank of America, Osaic and UBS so far in 2025, Wolfe Research analyst says

Counting advisor moves in and out of firms requires some art as well as science.

Carson Group's M&A head sees '10-to-15 year bull market' for RIAs
Carson Group's M&A head sees '10-to-15 year bull market' for RIAs

“I'm just a big believer that based on demographics alone, we are looking at a 10-to-15 year bull market in M&A in the RIA and independent wealth space,” said Michael Belluomini, SVP of M&A at Carson Group.

Nationwide finds Medicare myth on long-term care could cost Americans dearly
Nationwide finds Medicare myth on long-term care could cost Americans dearly

As a tsunami of retirees comes crashing in, three-fifths of those surveyed believe – wrongly – that the federal safety net will cover their LTC needs.

Fintech bytes: Orion, Altruist unveil new RIA-focused integrations
Fintech bytes: Orion, Altruist unveil new RIA-focused integrations

Orion's latest update, a partnership with 11th.com, focuses on an underserved area of compliance for advisors and wealth firms.

Raymond James reels in advisors managing $1B+ in Colorado
Raymond James reels in advisors managing $1B+ in Colorado

The latest arrivals, including a 10-advisor ensemble from Ameriprise, bolster the firm's independent contractor and employee advisor channels.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave