Ripple Wins Legal Battle against SEC
Ripple Labs has achieved a favorable outcome in a case against the Securities and Exchange Commission (SEC), with Judge Analisa Torres of the United States District Court in the Southern District of New York ruling in favor of the company.
In a decision filed on July 13, Judge Torres granted summary judgment, declaring that the XRP token is not a security. However, this ruling only applies to programmatic sales (sales that occur on the open market) on digital asset exchanges.
While the SEC spokesperson acknowledged the decision, they also stated that the SEC will continue to review it and highlighted other favorable aspects of the judge’s ruling. Legal experts expect the SEC to appeal the decision, especially considering the judge’s ruling that over $700 million in XRP sales were deemed unlawful and a trial is necessary to determine the personal liability of Ripple’s CEO.
Following the court ruling, major cryptocurrency exchanges including Coinbase, Crypto.com, Kraken, Gemini, and Bitstamp have announced their plans to re-list XRP.
In response to this news, XRP has experienced a significant surge in value, with a 95% increase in the past 24 hours, reclaiming the 4th spot in terms of market capitalization.
While the SEC spokesperson acknowledged the decision, they also stated that the SEC will continue to review it and highlighted other favorable aspects of the judge’s ruling. Legal experts expect the SEC to appeal the decision, especially considering the judge’s ruling that over $700 million in XRP sales were deemed unlawful and a trial is necessary to determine the personal liability of Ripple’s CEO.
Following the court ruling, major cryptocurrency exchanges including Coinbase, Crypto.com, Kraken, Gemini, and Bitstamp have announced their plans to re-list XRP.
In response to this news, XRP has experienced a significant surge in value, with a 95% increase in the past 24 hours, reclaiming the 4th spot in terms of market capitalization.
