Today, there is an important development in the world of crypto money. The judge said XRP is “not a security.” After the decision, there was a 30% increase in the price of XRP.
XRP decision from the court
In an important court decision, Ripple’s request for summary judgment was partially granted. There are statements that the institutional sale of XRP tokens violates federal securities laws. The New York court’s conclusions were published in a decision regarding the ongoing lawsuit between Ripple and the US Securities and Exchange Commission (SEC). The SEC accused Ripple, CEO Brad Garlinghouse and co-founder Christian Larsen of neglecting to register XRP as a security.
An important detail draws attention in the decision of the court. He made a clear distinction between Ripple’s sale of XRP tokens on exchanges and through algorithms and the institutional sale of these tokens. The first is not a security. But in the second the situation is different. Accordingly, there is the finding that the latter violated federal securities laws. This decision has important implications for Ripple and the cryptocurrency industry as a whole.
At the core of the SEC’s lawsuit was the allegation that Ripple and its executives did not register XRP as a security. The regulator stated that the sale of XRP represented an unregistered security offering. Thus, he claimed that the company violated federal regulations. With the court ruling in favor of the SEC regarding the institutional sale of XRP, Ripple now faces the potential consequences of its actions.
Ripple’s legal battle with the SEC is closely watched as it has broader implications for the entire cryptocurrency market. This decision will set a precedent for how other cryptocurrencies and blockchain platforms are regulated in the United States. Market participants will likely pay close attention to how Ripple will follow this decision. Because this decision may affect the regulatory environment for digital assets in the future.
XRP skyrocketed after decision
Ripple’s cryptocurrency, XRP, took a massive 30% price increase within minutes after it was revealed that a judge had ruled in Ripple’s favor in its high-profile legal battle against the United States Securities and Exchange Commission (SEC). At the time of this writing, XRP was trading at $0.6.
The judge’s decision is that the sale of XRP is not a security. This is an important gain for the company. This victory came after more than three years of legal proceedings. It was a case that received widespread attention and was closely followed by the cryptocurrency community. He has finally reached a very important turning point. Ripple, a San Francisco-based blockchain company, was in trouble. cryptocoin.com As we mentioned, it has been in a legal dispute with the SEC since December 2020. The SEC had alleged that Ripple’s sale of XRP violated federal securities laws. He argued that XRP should be classified as a security rather than a cryptocurrency.
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