The decision in the Ripple-SEC case was in favor of the cryptocurrency market. The court ruled that XRP is not a security. XRP price has skyrocketed by over 30%.
Ripple wins SEC lawsuit: XRP skyrockets
A New York court recently ruled that XRP does not constitute an investment contract. But the crypto fight is not over yet. According to documents filed on July 13, Judge Torres ruled that XRP violated federal securities laws.
The XRP price gained double-digit value after the positive development. The enthusiasm was reflected throughout the market, with all major cryptocurrencies rising in the same minutes, including BTC and ETH. All in all, XRP is leading the market gains of July 13.
Brad Garlinghouse announces victory: Let’s start planning the party
Ripple CEO Brad Garlinghouse celebrated the victory of his company and XRP with these words on Twitter:
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 make today’s decision that applies to all crypto innovations in the US.
Here is the detailed court ruling of the Ripple-SEC case
The court published the results in a ruling that partially gave a motion for summary judgment in the ongoing lawsuit against the Blockchain platform by the SEC. The SEC accused the firm and its executives, CEO Brad Garlinghouse and co-founder Christian Larsen, of failing to register XRP as a security.
As of today, the New York court has ruled that Ripple’s sale of XRP tokens on exchanges and through algorithms does not constitute investment contracts. However, the corporate sale of tokens was found to violate federal securities laws.
The lawsuit against Ripple started in December 2020 with the move of the SEC. It targeted the US regulator Ripple and its two CEOs, Brad Garlinghouse and Chris Larsen. His allegations include that the company and its executives are selling unregistered securities. The case, which took more than 2.5 years, continued until 13 July. The case has seen moves in the last three years that have changed the balance of power between the two. One of them was the “Hinman Papers” published in June. XRP rally again on this date.
Also, the case has had its fair share of dramatic intrigues, including the ongoing rebellion against the SEC’s accusations from Garlinghouse.
The result was expected to be released in September.
cryptocoin.com As we reported, Ripple CTO David Schwartz also pointed to September. This date specifically matches the trial judge’s 6-month decision-making period. However, pro-XRP attorney John-Deaton sometimes said that this date could be earlier. As confirmed by Brad Garlinghouse, the summary decision in favor of Ripple appeared on July 13.
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