afterbitter legal battles against the SEC, Ripple finally won its lawsuit. Judge Analisa Torres has just ruled in her favour. To his eyes, XRP is not a security.
Ripple victory against the SEC
After so much expectation, and a series of speculations in favor of Brad Garlinghouse’s business, Judge Torres has finally ruled on theRipple vs. SEC case.
” XRP, as a digital token, is not in itself a ‘contract, transaction or plan’ that embodies the Howey requirements of an investment contract »
Just a few minutes ago, Cointelegraph echoed the Ripple’s victory against the American financial policeman. The crypto outlet clarified that XRP is not a security in the eyes of the judge.
In a document filed today, it was said that:
” Defendants’ motion for summary judgment is GRANTED with respect to Programmatic Sales, Other Distributions, and Larsen and Garlinghouse Sales, and DENIED with respect to Institutional Sales. »
No sooner had this verdict been pronounced, the price of XRP has increased by 25%. At the time of writing, the token issued by Ripple is trading at $0.6.
3 years of tough battles
We recall that the Ripple vs SEC case started in December 2020 after the SEC decided to sue the crypto firm and its two chief executives (Brad Garlinghouse and Chris Larsen) for irregular sale of “unregistered title”.
The case had its ups and downs. Fortunately, Brad Garlinghouse and his entire team have always been able to resist the Securities and Exchange Commission.
Moreover, the publication of Hinman documents has, in a way, changed the situation. The SEC has always wanted to keep it secret since it could further clarify the status of cryptocurrencies, said Brad Garlinghouse.
However, the disclosure of William Hinman’s speech dated 2018 did not bring the results expected by Garlinghouse. Disappointed, he tweeted this message:
” lt is absolutely unacceptable that a regulator, faced with so much criticism over what he was about to say and how he compiled this bogus test [de Howey]has decided to go ahead and throw an entire industry into chaos. »
Sowing discord in the crypto industry is what the SEC has been getting used to doing lately. In any case, this “summary” victory for Ripple risks jeopardizing all of Gary Gensler’s crypto-damaging stocks. He and his team will have to make some revisions to their attitudes towards the crypto industry from now on. And subsequently avoid breaking the law, as some pro-crypto jurists point out.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of daily and weekly so you don’t miss any of the essential Tremplin.io!
