Ripple Labs wins SEC case, judge rules XRP is not a security

Ripple Labs wins SEC case, judge rules XRP is not a security
фото показано с : invezz.com

2023-7-13 19:58

On July 13, Judge Analisa Torres of the Southern New York district of the United States district court ruled in favour of Ripple Labs in the case against the United States Securities and Exchanges Commission (SEC). The case has been ongoing since 2020 when the SEC sued Ripple Labs for issuing what the regulator termed as an unregulated security.

The judge has ruled that the Ripple (XRP) token is not a security.

A big win for the XRP token and the entire crypto industry

The SEC lawsuit claimed that XRP was a security and thus required additional regulation, and it sought to compel Ripple to stop selling its XRP token.

However, according to the court ruling:

“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.”

The ruling comes a month after the SEC was compelled to release the Hinman speech documents which showed that the former director at the SEC had stated he did not view Ethereum (ETH) as a security. Ripple’s lawyers relied on the speech to show SEC’s bias towards Ripple while also using the Howey test to prove its case that XRP was not a security.

The ruling is not only a win for the XRP token, but for the entire cryptocurrency market that has been under siege from US regulators in the recent past. Just today, Celsius was sued by the SEC and also fined $4.7 billion by the US Federal Trade Commission. Binance and Coinbase are also facing charges by the SEC for selling what the regulator terms unregistered securities.

Ripple (XRP) price

Besides XRP, which jumped by 30% after the news of the win broke, the entire crypto market is on fire with Bitcoin (BTC) and Ethereum (ETH) surging by 1.46% and 4.04% respectively.

XRP price chart. Source: Coinmarketcap

The global crypto market cap has also gone up by 2.76% to $1.22 trillion just after the ruling. The effects of the ruling are expected to be felt for the coming days within the entire crypto market seeing that it gives hope that the cases against other crypto entities for similar charges can be won.

The post Ripple Labs wins SEC case, judge rules XRP is not a security appeared first on Invezz.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

United Bitcoin (UBTC) на Currencies.ru

$ 0.9661 (-0.95%)
Объем 24H $0
Изменеия 24h: 2.25 %, 7d: -8.21 %
Cегодня L: $0.9661 - H: $0.9661
Капитализация $0 Rank 8588
Цена в час новости $ 0.3415 (182.9%)

district united states ripple labs sec case

Источник: invezz.com

district united → Результатов: 97


Genesis seeks 100-day extension for recovery plan as DCG misses $630M payment

Bankrupt crypto lender Genesis has filed a motion to extend the exclusivity period for its reorganization plan by 100 days. Why Genesis sought an extension In a May 19 court filing to the United States Bankruptcy Court for the Southern District of New York, the bankrupt lender, said it needed the extension “to achieve a […] The post Genesis seeks 100-day extension for recovery plan as DCG misses $630M payment appeared first on CryptoSlate.

2023-5-22 14:45


Crypto “bank” Cred files for bankruptcy after alleged multimillion fraud case

Crypto lending firm Cred filed for a voluntary Chapter 11 case in the United States Bankruptcy Court for the District of Delaware to explore strategic alternatives, including, without limitation, the restructuring of its balance sheet or the sale of its business as a going concern, in a court-supervised process, it said in a release on […] The post Crypto “bank” Cred files for bankruptcy after alleged multimillion fraud case appeared first on CryptoSlate.

2020-11-9 15:10


Ripple Inc. Moves To Court To Dismiss Fraud Claims Against Its CEO, Brad Garlinghouse

A “court motion to dismiss,” filed by Ripple Inc. to the United States District Court in Northern California on June 8, aims to dismiss the charges faced by the CEO, Brad Garlinghouse. The motion aims at removing three accounts of fraud by the plaintiff, Bradley Sostack, which did not show how Garlinghouse was purportedly fraudulent […]

2020-6-10 20:46


Фото:

Crypto Exchange BitMEX Sued in US Over Alleged Money Laundering

Cryptocurrency derivatives exchange BitMEX is at the center of fresh legal troubles and is being sued in the United States. According to a complaint filed with the U.S. District Court for the Northern District of California, San Francisco Division, BMA LLC — the plaintiff — is suing BitMEX for alleged money laundering, wire fraud, and […] The post Crypto Exchange BitMEX Sued in US Over Alleged Money Laundering appeared first on BeInCrypto.

2020-5-19 01:15


Craig Wright Vs. Kleiman Court Case: Summons Issued For Former nChain CEO Jimmy Nguyen

In the Craig Wright vs Ira Kleiman court case, the Plaintiff’s legal team is trying to subpoena nChain CEO Jimmy Nguyen for a deposition but is unable to track him down. As per the “Joint Discovery Status Report” published by the United States District Court Southern District of Florida on March 2nd, Plaintiff, Kleinman, brother […]

2020-3-4 21:10


дальше еще 48 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru