Landmark Victory: Ripple Emerges Triumphant as Judge Declares XRP Not a Security in SEC Case

In a significant development, Ripple Labs emerged victorious in the United States District Court in the Southern District of New York on July 13, as Judge Analisa Torres ruled in favor of the company in a long-standing case initiated by the Securities and Exchange Commission (SEC) in 2020.

According to recently filed documents, Judge Torres granted summary judgment in favor of Ripple Labs, affirming that the XRP token is not a security. The SEC’s lawsuit aimed to halt Ripple from offering the XRP token, claiming that it constituted a security and required additional regulatory oversight. As per the court documents reviewed by CryptoGrafos:

“Defendants’ motion for summary judgment is GRANTED as to the Programmatic Sales, the Other Distributions, and Larsen’s and Garlinghouse’s sales, and DENIED as to the Institutional Sales.”

Following the breaking news, the price of XRP experienced a rapid surge from $0.45 to $0.61 within minutes. At the time of writing this article, the token had surged over 25%.

The legal battle between Ripple and the SEC began in December 2020 when the regulatory body filed a lawsuit against Ripple, along with its two key executives, Brad Garlinghouse and Chris Larsen, alleging the offering of an unregistered security.

The case has witnessed dramatic turns over the past three years, including the revelation of the “Hinman Documents” and Garlinghouse’s persistent defiance in the face of the SEC’s allegations.

The news of Ripple’s victory and the subsequent surge in the XRP token price have evoked jubilation within the crypto community, reflecting the overall sentiment surrounding the outcome of the case.

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