A New York court ruled on Thursday that Ripple’s sale of XRP tokens on exchanges and through algorithms does not constitute an investment contract, but that the institutional sale of tokens violates federal securities laws.
After this development, which was perceived as extremely positive for Ripple, the XRP token gained over 27%.
Judge Torres said that Ripple’s Programmatic Sales, other distributions and XRP sales of Larsen and Garlinghouse do not constitute investment contracts.
Ripple CEO Brad Garlinghouse said in his message on Twitter after the Ripple victory:
“We said in December 2020 that we are on the right side of the law and we will be on the right side of history. Thank you to everyone who helped us reach today’s decision. This is all in the USA cryptocurrency a decision in favor of innovation.
(and let’s plan a nice party)”
We said in Dec 2020 that we were on the right side of the law, and will be on the right side of history. Thankful to everyone who helped us get to today’s decision – one that is for all crypto innovation in the US. More to come.
— Brad Garlinghouse (@bgarlinghouse) July 13, 2023
*Not investment advice.
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