Following The Court Decision, The Price Of Xrp Nearly Doubles

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Circle is reducing its employment on a “marginal” basis and reducing or discontinuing expenditures in “non-core activities.”
“To maintain our strong balance sheet, Circle is redoubling its focus on core business activities and execution,” stated a Circle representative in an email to. “As a result, we have reduced or terminated investments in non-core activities and reduced operational expenses, including a slight reduction in headcount.”

Simultaneously, we have identified new areas for investment and are continuing to employ in critical areas of concentration throughout the world. The layoffs at Circle, a FinTech business and the creator of the USDC stablecoin, follow many other crypto-related job cutbacks disclosed this year.

The ruling made by Judge Torres in the Ripple case is a significant victory for the cryptocurrency and digital asset industries, according to Arthur G. Jakoby, co-chair for securities litigation and enforcement at Herrick Feinstein. This judgment sharply reduces the SEC’s authority over the cryptocurrency market, if affirmed on appeal.

According to a comment made by Elliott Stein, a Bloomberg Intelligence analyst, “This underscores that direct sales of digital assets by an issuer will often be securities, but other sales, most notably sales on the secondary market, are unlikely to be deemed securities, which is a key argument in Coinbase’s defense against the SEC.”

The story quotes Winston & Strawn partner Daniel Tramel Stabile as saying, “My overall view is this is a great outcome for the digital asset market.