Cryptocurrency
XRP court ruling marks milestone, but new crypto law could take years
The recent court ruling that Ripple’s XRP (XRP) token is not considered a security when sold on digital asset exchanges has sparked a wave of positive sentiment across the cryptocurrency ecosystem.
Stuart Alderoty, chief legal officer at Ripple, told Cointelegraph that he believes the most important part of this ruling is that the court unequivocally said XRP is not, in and of itself, a security. Given this, Alderoty noted that the XRP ruling is now a matter of law and not up for trial.
“Additionally, other findings that are not subject to trial include the following: sales on exchanges are not securities, sales by executives are not securities, and other XRP distributions to developers, charities and employees are not securities. The court’s ruling can now also be used by others in the SEC’s crosshairs,” he said.
We said in Dec 2020 that we were on the right side of the law, and will be on the right side of history. Thankful to everyone who helped us get to today’s decision – one that is for all crypto innovation in the US. More to come.
— Brad Garlinghouse (@bgarlinghouse) July 13, 2023
Ruling doesn’t ensure clear regulations
While the XRP court ruling marks a significant milestone for the entire crypto industry, Alderoty noted that he hopes Congress will use the ruling to create a clear regulatory framework moving forward. “There will be further court proceedings per the court’s order, and we’re evaluating next steps,” he said.
The United States Securities and Exchange Commission (SEC) can appeal the XRP ruling. Lewis Cohen, co-founder of DLx Law — a law firm focusing on crypto assets and blockchain technology — told Cointelegraph that the SEC could “reverse” this ruling by appealing it once it becomes final. “They can also bring similar actions in other federal districts seeking alternative outcomes,” he said.
A blog post by the law firm Holland & Knight elaborates on this notion. The firm states that the “court’s grant of summary judgment on certain aspects of the case signal some measure of finality with regard to the SEC’s jurisdictional reach (or lack thereof), an appeal would be deemed interlocutory at this stage, as the court did not dispose of the case in its entirety.”
Yet the post further notes that while “interlocutory appeals are permissible, they are rarely granted in practice.” So, it could take months or even years if the SEC decides to appeal the court ruling.
In addition, whether other digital assets sold on exchanges should be considered securities remains questionable. The Holland & Knight blog post states, “Judge Torres expressly declined to expand her opinion to secondary market sales of XRP or other tokens,” which could create further conflicts going forward.
Margaret Rosenfeld, chief legal officer at Cube Exchange — a digital asset exchange set to launch in Australia — told Cointelegraph that she believes companies may begin selling tokens on crypto exchanges in “programmatic sales” following the XRP ruling. This manner of sale would be based upon the argument that blind bid/ask sales are not securities transactions.
“Ripple sold approximately $757.6 million of XRP on digital assets exchanges ‘programmatically,’ which is through the use of trading algorithms. The sales were blind bid/ask transactions, which means the buyer and seller don’t know each other. The court found that because programmatic buyers could not have known whether their purchase payments went to Ripple, they didn’t invest their money in Ripple at all,” she said.
Rosenfeld cautioned that relying on a decision from one district court judge that can be appealed by the SEC does not mean that such programmatic sales are a clear path. In addition, “the court also didn’t address airdrops or secondary sales, so these will also remain risky.”
XRP ruling is a step in the right direction
All things considered, there are still several concerns that will likely delay a clear regulatory framework for digital assets to take shape in the United States. Rosenfeld is aware of this, noting that Cube Exchange has no plans to launch in the U.S. anytime soon.
“We can’t rely on one district court judge ruling to offer our products and services in the United States.”
However, she added the ruling had given hope to some digital asset firms that they could offer products and services in the U.S. sooner than expected.
“This case helps our industry in urging Congress that a digital asset framework is needed, as it demonstrates a clear conflict between our executive and judicial branches of government on how digital assets should be treated,” she said.
Alderoty also remains optimistic, saying he believes this decision will eventually encourage U.S. financial institutions to start discussing how crypto and blockchain technology can solve customer pain points. He said:
“Ripple’s business continues to scale outside of the U.S. in markets where there is regulatory clarity for crypto. In the U.S., banks and financial institutions have been on the sidelines, as they are reluctant to do business without a clear regulatory framework.”
Sixteen years after Bitcoin’s launch, stablecoins are emerging as the key force in crypto’s mainstream adoption, particularly for payments and financial operations, said Coinbase in a research report on June 10.
It noted that there was a soaring interest from companies, with 81% of crypto-aware small and medium businesses (SMBs) expressing interest in using stablecoins.
Additionally, Fortune 500 companies showing stablecoin interest have tripled compared to 2024, and 82% of SMBs said crypto can solve at least one major financial challenge.
The Q2 2025 State of Crypto report just dropped.
TL;DR: The world loves stablecoins. pic.twitter.com/agOZ8naqoF
— Coinbase ️ (@coinbase) June 10, 2025
Stablecoins: The Future of Finance
The firm also reported that organic stablecoin transfer volume has reached unprecedented levels, with the two highest monthly volume transfers in history over the past year in December and April.
The stats don’t stop there.
There are more than 160 million stablecoin holders worldwide, and global stablecoin supply grew 54% year-over-year. Additionally, stablecoin transfer volume in 2024 hit $27.6 trillion, surpassing Visa and Mastercard combined.
“Regulatory clarity is the unlock for crypto’s next chapter,” the report noted, citing the GENIUS Act and other bills that are making their way through US Congress.
“An overwhelming 9 in 10 Fortune 500 executives agree that clear, consistent US regulation around crypto, blockchain, and onchain technologies is essential to support ongoing innovation. “
The United States is not the only nation pushing for stablecoin regulation. This week, the newly elected president of South Korea, Lee Jae-myung, made good on his campaign pledge by proposing the Digital Asset Basic Act.
The legislation allows local companies to issue stablecoins with a minimum equity capital of 500 million KRW ($US368,000), and they need to guarantee refunds through reserves and get regulatory approval.
However, the wheels are turning much more slowly in Europe, where the European Central Bank wants its own central bank digital currency (CBDC) and regional governments want to maintain their tight grip on monetary flows.
Stablecoin Ecosystem Outlook
The current stablecoin ecosystem is dominated by just two players, Tether and Circle.
Tether has a 61% stablecoin market share with $155 billion in circulation. USDT supply has surged around 38% over the past 12 months to an all-time high on June 10.
Circle’s USDC has also surged with a circulation of $61 billion, giving it a market share of 24%. The two companies produce 85% of the stablecoins in the market at the moment.
Maker’s USDS, formerly DAI, is the third-largest with $7.2 billion and the only true high-cap decentralized stablecoin.
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Bitcoin (BTC) is once again testing the nerves of traders worldwide, hovering just above $105,000 today as forecasts split the crypto community in half.
Will the king cryptocurrency explode to $175,000 this cycle, or nosedive to under $80,000 if fear grips the market?
The $175K Dream
On the bullish side, pseudonymous chart-watcher Egrag Crypto supercharged hopium this week, predicting a huge breakout in the next few months. According to the analyst, BTC’s historical cycle data suggests the asset is primed for a 102% surge, which would catapult it to $175,000 from its current levels.
“The average of three major pumps this cycle is 102%, hitting $175K!” they tweeted, pointing to eerily similar patterns in previous bull markets.
The way Bitcoin shrugged off the effects of recent geopolitical upheavals has only bolstered Egrag’s bullish case. After Israel struck multiple Iranian nuclear and military assets, the cryptocurrency cratered, going from a daily high near $108,500 to just under $103,000, before clawing its way back to around $105,000 today.
Other optimists, like DeFiTracer, also highlighted similar war-driven dips in April and October 2024, when each was followed by 48% and 74% explosions upward. “Don’t let whales and news manipulate you,” he wrote on X, suggesting June’s 4% dip is merely fuel for the next bump upward.
The Bear Trap
However, not everyone is buying the hype just yet. Seasoned analyst Ali Martinez has tempered the euphoria, warning that the market could be on the brink of a sharp correction if key levels don’t hold.
He backed his pessimism, pointing to whales offloading nearly 30,000 BTC in the past week as well as a weakening support floor around the hundred grand level. If this floor gives way, Martinez predicts a drop to as low as $78,500.
His sentiment was echoed by crypto strategist Michaël van de Poppe, who noted that BTC just failed to hold above $106,000, triggering a liquidity cascade southwards. “Two options,” he warned: A sub-$100,000 buying opportunity or a fresh rally if prices hold at around $102,500.
Market observer Axel Adler Jr. also weighed in, drawing attention to BTC’s OBV (On-Balance Volume), which is still stuck in the red near $100,000. According to him, it means that any bullish momentum could be paper-thin.
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Cryptocurrency
BTC Rejected at $106K as Middle East Attacks Intensify and Trump Threatens Iran: Weekend Watch
Bitcoin’s price rose to over $106,000 hours ago, but the latest developments in the Middle East conflict, as well as Trump’s threats against Iran, pushed it south by over a grand.
Most larger-cap alts are slightly in the red, including HYPE, which has dumped by 5%, while PI is up by a similar percentage.
BTC Stopped at $106K
The primary cryptocurrency was riding high at the beginning of the previous business week as it pumped above $110,000 on several occasions by Wednesday. However, each attempt was met with an immediate rejection, and the last one pushed BTC south to under $106,000.
Although the bulls managed to recover some ground on Thursday and pushed bitcoin to $108,400, the quickly escalating tension in the Middle East resulted in an immediate price drop that drove the asset south to under $103,000.
Although the attacks continued in the following 48 hours, including a few retaliations by Iran, BTC’s price recovered some ground and even jumped above $106,000 hours ago.
However, US President Trump weighed in on the matter once again at that point and threatened Iran with “the full strength and might of the US Armed Forces” if Tehran decides to retaliate against the US in some form.
Bitcoin slipped once again, but it’s still hovering above $105,000. Its market cap remains below $2.1 trillion, while its dominance over the alts is at 61.7% on CG.
Alts React
Most alternative coins are slightly in the red once again on a daily scale. Ethereum is still above $2,500 after a minor decline, and similar price drops of around 1% are evident from DOGE, BNB, LINK, XRP, and SOL. HYPE has dumped the most from the larger-cap alts, having lost 5% of value.
In contrast, Pi Network’s native token has jumped 5% and now trades above $0.6 after the recent flash crash experienced on Friday.
The top 100 alts have a new member, as AB has skyrocketed by 20% and has entered the biggest crypto club.
The total crypto market cap is down by around $20 billion since yesterday to $3.380 trillion on CG.
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