RRUPDATEđź“Ť: $XRP Legal Triumph Sends Shockwaves Through Crypto World
Ripple Labs, the blockchain technology company, achieved a significant legal victory on July 13th in a case filed by the Securities and Exchange Commission (SEC) back in 2020.
The ruling by Judge Analisa Torres in the United States District Court in the Southern District of New York favored Ripple Labs, stating that the XRP token is not a security.
The SEC’s lawsuit aimed to force Ripple to halt the offering of its XRP token, arguing that it should be subject to additional regulations as a security. However, court documents filed on July 13th revealed that Judge Torres granted summary judgment in favor of Ripple Labs.
According to the documents viewed by Cointelegraph, the motion for summary judgment by the defendants was granted regarding the Programmatic Sales, Other Distributions, and sales made by Larsen and Garlinghouse. However, it was denied concerning the Institutional Sales.
The market’s immediate reaction to the news was remarkable, with the price of XRP surging from $0.45 to $0.61 in a matter of minutes. This represented a gain of over 50% at the time of writing.
The legal battle between Ripple and the SEC began in December 2020 when the regulatory body sued Ripple, along with its CEO Brad Garlinghouse and Chairman Chris Larsen, alleging that the company had offered an unregistered security.
Throughout the past three years, the case has been marked by dramatic events, including the release of the “Hinman Documents” and Garlinghouse’s ongoing defiance against the SEC’s accusations.
The crypto community has responded to the recent ruling with a sense of celebration, reflecting the positive sentiment surrounding Ripple’s legal outcome and the subsequent surge in the XRP token’s price.
As a reminder, this is not a trading signal or investment advice; it is an opinion, and each trader/investor should know and understand the risks of trading cryptocurrencies. This should not be regarded as financial advice; feel free to familiarise yourself with our NFA disclaimer.
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