● The case between Ripple and the SEC started in 2020.
● The SEC accused Ripple Labs and its co-founders Brad Garlinghouse and Chris Larsen of violating federal securities laws by selling XRP.
●Ripple Labs has denied these allegations and said that XRP is not a security, but a digital payment protocol.
● On July 13, the court ruled in favor of Ripple.
The Ripple and SEC case is a legal matter that is ongoing between Ripple Labs and the United States Securities and Exchange Commission (SEC). The SEC has accused Ripple Labs of violating federal securities laws by selling XRP tokens. Ripple Labs has denied these allegations and stated that XRP is not a security, but a digital payment protocol.
The case began in 2020 when the SEC accused Ripple Labs and its co-founders Brad Garlinghouse and Chris Larsen of violating federal securities laws by selling XRP. The SEC alleged that XRP is a security because it was sold by Ripple Labs to investors to make a profit. Ripple Labs denied these allegations and stated that XRP is not a security, but a digital payment protocol.
On July 13, 2023, Judge Analisa Torres of the US District Court for the Southern District of New York announced a significant ruling in the Security and Exchange Commission (SEC) case against Ripple Labs and its two co-founders, Brad Garlinghouse and Chris Larsen. The judge ruled that XRP, Ripple Labs’ native token, is not a security when it is sold programmatically through digital asset exchanges. However, the judge ruled that XRP is a security when it is sold to institutional investors.
The ruling is a major victory for the cryptocurrency industry, as it determines that XRP will not be regulated as a security when it is sold programmatically through digital asset exchanges. The ruling also comes as a relief to other cryptocurrency companies that are facing lawsuits from the SEC.
However, it is important to note that this judgment is not the end of the matter. The SEC could still proceed with the case and charge Ripple Labs and its co-founders with violating federal securities laws by selling XRP to institutional investors.
After this decision, the crypto market has been continuously running upwards since yesterday. XRP is up more than 50% and has moved above $0.90. There is an election in the US next year and this SEC debacle could play a major role. After this defeat, the SEC may take a more strict stance on crypto like it did after the RBI debacle in India. At present, there is a relief for the crypto market in America. After this decision, trading of XRP has started again on American crypto exchanges.
Cz Binance says that they never delisted it.
Some traders have made huge profits after this decision. It has to be seen what will be the next step of SEC now?
#XRP #ripple #ripplenews #webmastermind #cryptoanshu
