The top 10 cryptocurrencies by market cap, including Bitcoin, were surging on Thursday, after the SEC said it would not classify bitcoin or ether as a security.

At about 2:25 pm Eastern, Bitcoin was up 5.54% in the past 24 hours to $6,696.83 with a market cap of $114.47 billion, Ethereum was up 10.06% with a market cap of $52.03 billion and Ripple was up 6.8% with a market cap of $22.02 billion.

“We don’t see a lot of value in seeing ether as a security,” William Hinman, head of the Division of Corporate Finance for the SEC, said at the Yahoo All Markets Summit: Crypto conference in San Francisco. “Ether is a coin that is evolving.”

Hinman added that when he looks at Bitcoin today, he doesn’t see a central third party whose efforts are key factor to determining the success of that enterprise.

Bitcoin Surges After SEC Says It's Not A Security

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