The decision has been made in the case between the US Securities and Exchange Commission (SEC) and the cryptocurrency Ripple, which has been going on for a while. The court’s statement that 3 of the XRP sales were not securities, caused movement among cryptocurrencies.
Actually SEC And Ripple The lawsuit between the two dates back to 2020. The events were brought to court after the SEC claimed in December 2020 that Ripple’s XRP token was an unregistered security. The decision in the case between the two came out today.
US district judge Analisa Torres, Many cryptocurrencies surged after Ripple Labs announced that its native token was not a security.
XRP’s value rises more than 27%
In court documents obtained by Cointelegraph; Judge Torres, “Ripple’s Programmatic Sales, other distributions, and Larsen and Garlinghouse’s XRP sales do not constitute investment contracts” said.
After this announcement, XRP over 27% gained value. After the developments XRP skyrocketed from $0.45 to $0.63.
After the lawsuit was settled in favor of Ripple, CEO Brad Garlinghouse posted a message on Twitter. Garlinghouse wrote in his message, “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 a decision in favor of all cryptocurrency innovation in the US.” said.
Source :
https://cointelegraph.com/news/ripple-wins-case-against-sec-as-judge-rules-xrp-is-not-a-security