Ripple emerges victorious in its legal battle against the SEC
In a significant legal triumph, Ripple has emerged victorious in its lawsuit against the US Securities and Exchange Commission (SEC). On July 13, Judge Analisa Torres delivered a favorable ruling for Ripple Labs in a case initiated by the SEC back in 2020.
According to documents filed on July 13, Judge Torres issued a favorable summary judgment for Ripple Labs, declaring that the XRP token is not a security.
The SEC’s lawsuit attempted to force Ripple to cease the distribution of its XRP token, claiming that it qualified as a security and thus required additional regulatory measures.
Shortly after the news broke, the price of XRP experienced a rapid surge, soaring from $0.45 to nearly $0.80.(+69.9%).
The legal battle against Ripple has been ongoing since December 2020 when the SEC filed a lawsuit against the company and its executives, Brad Garlinghouse and Chris Larsen, alleging that they were offering unregistered securities.
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