XRP holders are celebrating after a Judge ruled that the token is not a security when sold on crypto exchanges.
Ripple Labs scored a victory in the United States District Court in the Southern District of New York on July 13 as Judge Analisa Torres ruled partially in favor of the company in a case brought forth by the Securities and Exchange Commission dating back to 2020.
According to documents filed on July 13, Judge Torres has granted summary judgment in favor of Ripple Labs, ruling that the XRP token is not a security, but only in regards to programmatic sales on digital asset exchanges. However, the SEC also managed to notch a victory of its own, as the federal judge has ruled that XRP is a security when sold to institutional investors, as it met the conditions set in the Howey Test.
The SEC lawsuit sought to compel Ripple to stop offering its XRP token under the premise that XRP was a security and, thus, required additional regulation.“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.”
Within a matter of minutes after the news broke, the price of XRP has catapulted from $0.45 to $0.61. This puts the token up over 25% as of the time of this article’s publishing.has been ongoing since December 2020 when the SEC sued Ripple and its two chief executives, Brad Garlinghouse and Chris Larsen, over allegations the company was offering an unregistered security.
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