2023-07-13 16:27:48
Ripple Labs prevailed in the U.S. District Court for the Southern District of New York on July 13, as Judge Analiza Torres ruled in favor of the company retrospectively filed by the Securities and Exchange Commission. Until 2020
According to documents filed on July 13, Judge Torres has ruled in favor of Ripple Labs allowing XRP (XRP) tokens to be non-securities.
SEC lawsuits try to force Ripple to stop offering XRP tokens under the premise that XRP is a security. Therefore, additional regulations are required.
according to court documents Cointelegraph see:
“Defendants’ request for summary judgment is granted for programmatic sales. Other distributions and sales of Larsen and Garlinghouse and denied sales for the institution.”
Within minutes of the news’s release, XRP’s price had skyrocketed from $0.45 to $0.61, giving the token a more than 25% increase at the time of this article’s publication.
The lawsuit once morest Ripple has been ongoing since December 2020, when the SEC sued Ripple and two senior executives, Brad Garlinghouse and Chris Larsen, for accusing the company of offering unregistered security.
Over the past three years, this case has had its fair share of astonishing plots. including launch The “Hinman Document” and Continued Opposition in the Face of Garlinghouse’s SEC Allegations
Aside from the obvious moves demonstrated by the news-pumping XRP token. The overall feeling throughout the crypto community seems to be one of jubilation.
source Cointelegraph
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