Ripple Labs the company behind the XRP cryptocurrency has scored major legal victory against the Securities and Exchange Commission (SEC) in long running case that dates back to 2020.
On July 13, Judge Analisa Torres of the United States District Court in the Southern District of New York granted summary judgment to Ripple dismissing the SEC claim that XRP was an unregistered security that required additional regulation.
The SEC had sued ripple and its two top executives brad garlinghouse and chris larsen in December 2020 alleging that they had raised over $1.3 billion through an illegal securities offering of XRP.
The case has been closely watched by the crypto industry as it could have significant implication for the legal status and regulation of other digital asset.
The news of Ripple victory sent the price of XRP to $0.74 increasing by more than 50% in matter of minute from $0.47 to $0.74 as of the time of writing this article.
The XRP community and the broader crypto community have also expressed joy and relief over the outcome which many see as validation of Ripple vision and innovation.
The case is not over yet as the SEC may appeal the decision or pursue other charges against Ripple. The company has maintained its innocence throughout the ordeal and has vowed to fight for the right of its customer and partner.
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