According to the documents presented this day, Judge Analisa Torres ruled in favor of Ripple Labs, admitting that the Ripple token (XRP) is not a security.
This Thursday, July 13, Ripple achieved a historic event that led it to skyrocket more than 75% in just one hour. What happened was that after a long judicial process, Ripple was officially ruled “not an asset of value.” This marks a very important victory for Ripple against the SEC.
Coinbase announced, following the news, that it is going to relist XRP and Gemini may also do so. According to the documents presented this day, Judge Analisa Torres ruled in favor of Ripple Labs admitting that the Ripple token (XRP) is not a security.
The SEC lawsuit sought to force Ripple to stop offering its XRP token on the premise that XRP was a security. and therefore required additional regulation.
According to court documents seen by Cointelegraph: “Defendants’ motion for summary judgment is granted as to Programmatic Sales, Other Distributions, and the Larsen and Garlinghouse sales, and DENIED as to Institutional Sales.”
It is a sign that the courts are beginning to recognize that cryptocurrencies are not securities. and that they should not be subject to the same regulations as stocks and bonds. Ultimately, this litigation is expected to have an impact on the entire ecosystem.
Source: Ambito
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