If the court rules that XRP is a security, it would mean the same for other alternative cryptocurrencies and subject the broader market to stringent supervision.
In a blog post, Changpeng Zhao wrote the company did not agree with the characterization of many of the issues, and touted the exchange’s compliance technology. He also wrote that he had only two Binance accounts.
The CFTC alleged Binance offered unregistered crypto derivatives products and directed U.S. customers to evade compliance controls through the use of VPNs.
The token's price has jumped 20% in the past 24 hours as Ripple defendants heralded a positive view in their case with the U.S. Securities and Exchange Commission.
The decision in the case brought by fellow blockchain software developer Tari Labs raises questions about trademark enforcement in the open source community.
Craig Salm discusses what happens next after a court acts on its lawsuit against the SEC, and whether this regulator should even be involved with bitcoin products.