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Credit Suisse chair pleads with angry shareholders at annual meeting

On Wednesday, XRP cryptocurrency surged as investors became increasingly confident that Ripple, a company closely associated with the token, would prevail in its ongoing legal battle with the Securities and Exchange Commission. The token was worth around 45 cents at 8 a.m. ET, according to CoinGecko, is up over 11% in the last 24 hours. It was earlier trading up 20%. Traders pointed to a supplemental notice submitted by Ripple on Monday, which mentioned a ruling in relation to Binance.US’ rescue plan for the collapsed crypto lender Voyager Digital. Under the plan, Binance’s U.S. unit was to buy all of Voyager’s assets, including its native VGX token, in a $1.3 billion deal.
According to Ripple’s notice, the SEC rejected the plan, arguing that VGX was a security and Binance an unregistered exchange. However, the judge rejected the SEC’s objections and approved the bankruptcy plan citing what he called the “vagueness” of the regulator’s arguments and stating the SEC had not “offered any guidance at all as to just what it was the Debtors were supposed to prove” to prove VGX was not a security, according to the Ripple letter. The SEC wasn’t immediately available for comment when contacted by CNBC. The SEC accuses Ripple, CEO Brad Garlinghouse, and co-founder Chris Larsen of breaching U.S. securities laws by selling XRP without first registering it with the regulator. Ripple contests the SEC’s allegations, maintaining the view that XRP should be considered a digital currency rather than a security.

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