Updated: Sep 14
In a significant victory for Ripple Labs, Judge Analisa Torres of the United States District Court ruled on July 13 that the company's XRP token is not a security, concluding a lawsuit brought by the Securities and Exchange Commission (SEC) since 2020. The ruling led to a sharp increase in XRP's price, with the token's value soaring over 25% shortly after the announcement. The legal battle, featuring the release of the "Hinman Documents" and steadfast resistance from Ripple's executives, had kept the crypto community on edge. Now, with the favorable judgment, the sentiment across the crypto sphere is one of elation.
In a landmark ruling, a New York judge declared Ripple's XRP token is not necessarily a security, triggering a surge of over 30% in its value. This verdict has stirred optimism within the broader cryptocurrency community, leading to growth in various altcoins like Polygon's matic, Litecoin, Solana, and Cardano. The decision also has potential global implications for the future of cryptocurrency regulation and could influence ongoing lawsuits involving Binance and Coinbase.
Meanwhile, this marks the end of Ripple Labs' three-year legal battle with the U.S. Securities and Exchange Commission (SEC). The SEC had sued Ripple in 2020, accusing it of selling XRP without proper registration. Coming at a time when crypto assets face intense regulatory scrutiny, this conclusion serves as a critical milestone in 2023's volatile crypto regulation landscape.
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