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Boom! Ripple wins its case against the SEC

Fri 14 Jul 2023 ▪ 3 min of reading ▪ by Mikaia A.
Getting informed Crypto regulation

After fierce legal battles with the SEC, Ripple has finally won its case. Judge Analisa Torres has just ruled in Ripple’s favor. In her view, XRP is not a security.

Ripple and SEC logos

Ripple’s victory over the SEC

After much anticipation, and a series of speculations in favor of Brad Garlinghouse’s company, Judge Torres has finally ruled in the Ripple vs SEC case.

Le XRP n’est pas un titre !

Just a few minutes ago, Cointelegraph reported on Ripple’s victory over the US financial regulator. The crypto media outlet clarified that XRP is in no way a security in the eyes of the judge.

In a document filed today, it was stated that:

“Defendants’ motion for summary judgment is GRANTED as to programmatic sales, other distributions and Larsen and Garlinghouse sales, and DENIED as to institutional sales.”

As soon as the verdict was delivered, the price of XRP rose by 25%. At the time of writing, the token issued by Ripple is trading at $0.6.

3 years of fierce battles

We recall that the Ripple vs SEC case began in December 2020 after the SEC decided to sue the crypto company and its two CEOs (Brad Garlinghouse and Chris Larsen) for improper sale of “unregistered security”.

The case has had its ups and downs. Fortunately, Brad Garlinghouse and his team have always been able to stand up to the Securities and Exchange Commission.

What’s more, the publication of the “Hinman documents” has, in a way, changed the game. The SEC had always wanted to keep it secret, as it could further clarify the status of cryptocurrencies, said Brad Garlinghouse.

However, the disclosure of William Hinman’s 2018 speech did not bring the results Garlinghouse had hoped for. Disappointed, he tweeted this message:

“It is absolutely unconscionable that a regulator, faced with so much criticism about what he was about to say and how he compiled this fake [Howey] test, decided to go ahead and plunge an entire industry into chaos.”

Stirring up trouble in the crypto industry is what the SEC has become accustomed to doing of late. In any case, this “summary” victory for Ripple risks jeopardizing all of Gary Gensler’s crypto-nuisible actions. He and his team will have to make some revisions to their attitudes towards the crypto industry from now on. And subsequently avoid violating the law, as some pro-crypto lawyers point out.

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Mikaia A. avatar
Mikaia A.

La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.