Recently, CEO Brad Garlinghouse hinted at a likely end to the case while pointing out the ongoing battle in the crypto world.
Ripple Labs emerged victorious in the United States district court of southern New York district on July 13. Judge Analisa Torres backed Ripple Labs in a case that was initiated by the SEC back in 2020.
As per the documents submitted on July 13, Judge Torres sanctioned summary judgment supporting Ripple Labs, thereby declaring the Ripple (XRP) token as not a security.
The SEC lawsuit had been pressuring Ripple to discontinue offering its XRP token, arguing that XRP was a security and thus demanded additional regulations.
Cointelegraph obtained access to court documents which stated:
“The defendants’ appeal for summary judgment is APPROVED regarding the Programmatic Sales, the Other Distributions, and Larsen’s and Garlinghouse’s sales, and REJECTED pertaining to the Institutional Sales.”
However, it’s important to note that while this verdict is a resounding win for Ripple and the broader crypto industry, it might not be the final word on the matter. The SEC has the option to appeal the ruling, and the legal landscape surrounding cryptocurrencies remains complex and subject to change. Regardless, the judgment is undoubtedly a major victory for Ripple, bolstering the company’s position as a leading innovator in the blockchain and cryptocurrency space.
As the cryptocurrency world continues to evolve, the implications of this lawsuit and the subsequent ruling will undoubtedly shape discussions and regulatory considerations for years to come.
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