Judge Torres agreed with Ripple Labs’ position that the XRP coin is not a security.

The announcement caused the price of XRP to spike from $0.45 to $0.63.

In a lawsuit brought up by the Securities and Exchange Commission (SEC) in 2020, Ripple Labs triumphed on July 13 in the United States District Court for the Southern District of New York, when Judge Analisa Torres ruled in favor of the firm.

Documents submitted on July 13 indicate that Judge Torres agreed with Ripple Labs’ position that the XRP coin is not a security and issued a summary decision in their favor. Claiming that XRP constituted a security that needed further regulation, the SEC filed an action against Ripple to prevent it from selling XRP tokens.

Crypto Community Celebrates

The announcement caused the price of XRP to spike from $0.45 to $0.63 shortly. At the time of writing, this is a gain of nearly 35.09% for the token. The SEC filed suit against Ripple and its two CEOs, Brad Garlinghouse and Chris Larsen, in December 2020 on the grounds that the business was issuing unregistered securities.

There has been plenty of dramatic interest in this case over the last three years, from the emergence of the “Hinman Documents” through Garlinghouse’s continued resistance in the face of charges from the SEC. The general mood in the crypto world seems to be one of celebration, as seen by the XRP token’s noticeable movement on the news.

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Filed under: Bitcoin - @ July 13, 2023 5:27 pm