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3 Stocks to Watch as Ripple Secures Another Legal Victory
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Ripple Labs delivered another defeat to the U.S. Securities and Exchange Commission (“SEC”) on Tuesday after Judge Analisa Torres was unconvinced that the latter’s appeal to overturn her landmark July judgment had any merit.
In July, Judge Torres ruled that Ripple’s sale of a cryptocurrency token (XRP) directly to consumers did not constitute an illegally unregistered securities offering. According to the verdict, the token would have constituted a security had it been sold to institutional investors but not the general public.
This judgment was seen as a major victory by the global crypto market and undermined the SEC’s constant effort to keep crypto at bay. Overnight, the cumulative market had soared $73.5 billion to a market cap of $1.3 trillion. The price of XRP had gone up by 66%.
It must be noted, though, that the judgment is specific to Ripple, and the SEC does still have the provision of another appeal after it presents the remaining issues of the case in front of a court in April 2024. However, this quashed appeal still comes as a blow.
Taking heart from this judgment would be the various financial majors who have been in a tussle with the SEC over the filing of respective Bitcoin ETF applications since June. The general consensus is that the SEC has been delaying passing verdicts over these applications in a bid to stall crypto from going mainstream. It will be prudent to watch a few of these stocks in light of this latest development.
WisdomTree, Inc. (WT - Free Report) operates as an ETF sponsor and asset manager
WisdomTree’s expected earnings growth rate for the current year is 42.3%. The Zacks Consensus Estimate for its current-year earnings has not changed over the past 60 days. WisdomTree currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
BlackRock, Inc. (BLK - Free Report) is one of the world’s largest investment managers and is publicly owned.
BlackRock’s expected earnings growth rate for the current year is 0.4%. The Zacks Consensus Estimate for its current-year earnings has improved 0.9% over the past 60 days. BlackRock also currently carries a Zacks Rank #3.
Invesco Ltd. (IVZ - Free Report) is a publicly owned investment manager that has also joined the Bitcoin ETF race.
Invesco’s expected earnings growth rate for the current year is -8.9%. The Zacks Consensus Estimate for its current-year earnings has improved 0.7% over the past 60 days. Invesco also currently carries a Zacks Rank #3.
Bottom Line
Amid legal battles with authorities raging across geographies, crypto firms are having a tumultuous year. However, with small victories marking the gradual acceptance of crypto assets by major countries, it is becoming abundantly clear that digital currency is not going away and might go mainstream soon.
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3 Stocks to Watch as Ripple Secures Another Legal Victory
Ripple Labs delivered another defeat to the U.S. Securities and Exchange Commission (“SEC”) on Tuesday after Judge Analisa Torres was unconvinced that the latter’s appeal to overturn her landmark July judgment had any merit.
In July, Judge Torres ruled that Ripple’s sale of a cryptocurrency token (XRP) directly to consumers did not constitute an illegally unregistered securities offering. According to the verdict, the token would have constituted a security had it been sold to institutional investors but not the general public.
This judgment was seen as a major victory by the global crypto market and undermined the SEC’s constant effort to keep crypto at bay. Overnight, the cumulative market had soared $73.5 billion to a market cap of $1.3 trillion. The price of XRP had gone up by 66%.
It must be noted, though, that the judgment is specific to Ripple, and the SEC does still have the provision of another appeal after it presents the remaining issues of the case in front of a court in April 2024. However, this quashed appeal still comes as a blow.
Taking heart from this judgment would be the various financial majors who have been in a tussle with the SEC over the filing of respective Bitcoin ETF applications since June. The general consensus is that the SEC has been delaying passing verdicts over these applications in a bid to stall crypto from going mainstream. It will be prudent to watch a few of these stocks in light of this latest development.
WisdomTree, Inc. (WT - Free Report) operates as an ETF sponsor and asset manager
WisdomTree’s expected earnings growth rate for the current year is 42.3%. The Zacks Consensus Estimate for its current-year earnings has not changed over the past 60 days. WisdomTree currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
BlackRock, Inc. (BLK - Free Report) is one of the world’s largest investment managers and is publicly owned.
BlackRock’s expected earnings growth rate for the current year is 0.4%. The Zacks Consensus Estimate for its current-year earnings has improved 0.9% over the past 60 days. BlackRock also currently carries a Zacks Rank #3.
Invesco Ltd. (IVZ - Free Report) is a publicly owned investment manager that has also joined the Bitcoin ETF race.
Invesco’s expected earnings growth rate for the current year is -8.9%. The Zacks Consensus Estimate for its current-year earnings has improved 0.7% over the past 60 days. Invesco also currently carries a Zacks Rank #3.
Bottom Line
Amid legal battles with authorities raging across geographies, crypto firms are having a tumultuous year. However, with small victories marking the gradual acceptance of crypto assets by major countries, it is becoming abundantly clear that digital currency is not going away and might go mainstream soon.