Breaking: Ripple prevails in SEC case as judge rules XRP isn't a security
July 13, 2023 6:02 PM
CEO Brad Garlinghouse most recently stated that the case would be resolved shortly, but the struggle for cryptocurrency was far from finished.
On July 13, Ripple Labs won in the United States District Court for the Southern District of New York, when Judge Analisa Torres decided in favor of the firm in a dispute filed by the Securities and Exchange Commission dated back to 2020.
Judge Torres sided with Ripple Labs on July 13 and agreed with their position that the XRP cryptocurrency is not a security, according to court filings.
The SEC filed suit against Ripple in an effort to block it from offering its XRP token on the grounds that it was a security and thus needed more regulation.
According to court documents obtained:
"Defendants' request for summary ruling is GRANTED as to Programmatic Sales, Other Distributions, Larsen's and Garlinghouse's sales, and DENIED as to Institutional Sales."
Within minutes of the news breaking, the price of XRP spiked from $0.45 to $0.61. This raises the token's value by more than 25% as of the time of writing of this article.
The SEC filed→ suit against Ripple and its two CEOs, Brad Garlinghouse and Chris Larsen, in December 2020, alleging that the business was providing unregistered securities.
The dramatic fascination surrounding this case over the past three years has come from sources as diverse as the emergence of the "Hinman Documents" and Garlinghouse's continued resistance in the face of the SEC's claims.
Along with the physical movement exhibited by the XRP coin surging on the news, the overall emotion in the crypto community looks to be one of joy.