Ripple CTO David Schwartz, XRP He attracted attention with his statement stating that Bitcoin and Bitcoin are the only digital assets with regulatory clarity.
As we reported as Koinfinans.com, Judge Torres ruled on July 14 in SEC v. Recall that he announced the highly anticipated summary judgment for the Ripple case. It was noteworthy that both sides achieved a partial victory in the decision.
While the court ruled that Ripple’s sales of XRP to institutional investors violated securities law, it found that its programmatic sales and other distributions of the token were not investment contracts. Judge Torres also declared that the asset was not a security per se.
According to the SEC, Bitcoin is outside securities laws due to its decentralized nature. Moreover, BTC holders do not expect to make profits by relying on the efforts of Bitcoin developers.
XRP Token Also Approved by the Court
For Ripple, the SEC case was always about gaining clarity for XRP. Interestingly, Ripple also completed this request after Judge Torres declared XRP a non-security asset.
However, the lawsuit in question has been ongoing for nearly three years, and the company stated that it spent more than $100 million on this case. In addition to the funds spent defending the case, numerous US-based businesses, including Mastercard, ended their partnerships with Ripple.