I have written about the good news regarding cryptocurrencies apparent win when Ripple XRP was partially declared a commodity in court in mid July. At that time it was determined in court that when Ripple was old to the public it was considered a commodity, but a security when sold to institutional investors.  

Now, a recent ruling in New York, challenged the Ripple judge's ruling. An article detailing it here:https://www.cnbc.com/2023/08/01/some-crypto-assets-are-securities-in-kwon-luna-case-manhattan-judge.html

Apparently, judge Rakoff was quoted as stating:

“The Court declines to draw a distinction between these coins based on their manner of sale, such that coins sold directly to institutional investors are considered securities and those sold through secondary market transactions to retail investors are not,”  and further stated  “In doing so, the Court rejects the approach recently adopted by another judge of this district in a similar case.”

Well well well. That is a clear challenge from Judge Rakoff regarding the prior precedent set by the judge in the Ripple case. 

I am not a great legal mind, I do not claim to give legal advice. What I am wondering while writing this post is did the judge intentionally muddy the water in an effort to try to force legislators to get their proverbial shit together to provide clear legal guidance regarding cryptocurrency. Whether or not it was intentional, I think it will have that effect.

I have documented in prior posts my thoughts that in the long run most if not all cryptocurrencies will be (because they are) considered commodities. I may end up being wrong. I have delayed some buying of cryptocurrencies due to the fact I may be wrong, If they are ultimately deemed securities, there will be a significant tanking in prices of many cryptocurrencies. I will then buy the dip.