- Brad Garlinghouse expresses gratitude and pride for his team after a landmark court ruling declared XRP is not a security.
- This decision challenges the SEC’s view and sets a precedent for crypto assets.
- XRP experienced a 77% surge in price after the court ruling.
In a recent tweet, Ripple CEO Brad Garlinghouse expressed his gratitude and happiness for his employees following a historic victory for the company and the whole US crypto industry. The court concluded that XRP is not a security, establishing a precedent that may impact the future of crypto assets and securities legislation in the United States.
Ripple has always maintained that the SEC’s action against the business and its leadership was unjustified and an attempt to regulate cryptocurrency through intimidation. This is the first-ever industry victory over the SEC, and it has far-reaching consequences for other crypto assets, tokens, and securities in the United States.
The court declared that XRP, in its digital token form, is not a security. This decisive ruling puts an end to the SEC’s contentious theory that all crypto tokens inherently qualify as securities.
Garlinghouse hailed the court’s decision as a historic milestone not just for Ripple but for the entire crypto industry. He expressed confidence in Ripple’s compliance with the law and its commitment to shaping the future of the crypto landscape. Garlinghouse emphasized that progress is worth fighting for, and this ruling serves as a significant blow to the SEC’s “regulation by enforcement” agenda.
Additionally, the court ruled that various aspects of Ripple’s operations, such as XRP sales on exchanges, sales by Ripple executives, and distributions to developers, charities, and employees, are not classified as securities. This distinction is crucial and could have a profound impact on how digital tokens are categorized in the future.
Moreover, the court ruling has already spurred positive responses within the US crypto space. Major exchanges like Coinbase, Kraken, Gemini, Bitstamp, among others, have either relisted XRP or announced plans to do so, ending the uncertainties surrounding its security classification. Ripple’s recent legal victory in the US is a significant win for both the company and the entire crypto industry.
The verdict has had a positive impact on the price of XRP. According to CoinMarketCap data, XRP is up by 76.3% in the last seven days. XRP is also up by 5% in the last 24 hours.
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