XRP's price skyrocketed as Ripple wins lawsuit against SEC
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Ripple Labs, the company behind the XRP cryptocurrency, has won a major legal victory against the U.S. Securities and Exchange Commission (SEC).
In a ruling on July 13, 2023, U.S. District Judge Analisa Torres found that Ripple did not violate federal securities law by selling XRP to the public.
The SEC had alleged that Ripple had raised over $1.3 billion by selling XRP to institutional investors without registering the token as a security. However, Judge Torres ruled that XRP is not a security, but rather a currency or commodity, as reported by Reuters.
This is a landmark legal victory for the cryptocurrency industry, as it is the first time that a cryptocurrency company has won a case against the SEC. The ruling could have a significant impact on the future of regulation of cryptocurrencies in the United States.
Ripple wins lawsuit against SEC
The ruling in favor of Ripple is a major setback for the SEC. The agency had been hoping to use the case to establish a precedent that would make it easier to regulate cryptocurrencies in the future.
However, the ruling makes it clear that the SEC will need to provide more evidence to show that a cryptocurrency is security before it can be regulated as such.
The ruling is also a major victory for XRP holders. The price of XRP surged by over 70% in the wake of the ruling, and many investors are now hopeful that the token will be able to regain its lost ground.
What's in the future for XRP?
The future of XRP is still uncertain, but the ruling in favor of Ripple is a positive sign. The token is now one step closer to being fully legitimized, and it could see increased adoption in the future.
However, there are still some risks to consider. The SEC could still appeal the ruling, and there is no guarantee that other regulators will follow Judge Torres's lead.
Additionally, the cryptocurrency market is still volatile, and XRP could still see significant price swings in the future.Advertisement