XRP Ripple Labs notches landmark win in SEC case over XRP cryptocurrency

 

 

 XRP Ripple Labs notches landmark win in SEC case over XRP cryptocurrency

XRP Ripple Labs notches landmark win in SEC case over XRP cryptocurrency


Ripple Labs achieves a significant victory in the Securities and Exchange Commission (SEC) lawsuit regarding the XRP cryptocurrency. On Thursday, U.S. District Judge Analisa Torres ruled that Ripple Labs did not violate federal securities law when selling XRP tokens on public exchanges. This decision marks a landmark win for the cryptocurrency industry and led to a surge in XRP's value, which increased by 75% later that day. While the ruling provides a favorable outcome for Ripple Labs, it also grants a partial victory to the SEC.

 Although the judgment pertains to the specific circumstances of this case, it may serve as ammunition for other crypto companies currently engaged in legal battles with the SEC to determine the regulatory jurisdiction of their products. The SEC expressed satisfaction with the portion of the ruling that held Ripple accountable for violating federal securities law by directly selling XRP to sophisticated investors. It is possible for either party to appeal the ruling once a final judgment is issued or if the judge permits an earlier appeal.

The SEC spokesperson stated that the regulator is currently reviewing the decision. Ripple's CEO, Brad Garlinghouse, described the ruling as a substantial triumph not only for Ripple but also for the entire U.S. industry. Coinbase, the largest cryptocurrency exchange in the U.S., announced that it will resume XRP trading on its platform, citing careful analysis and consideration of Judge Torres' decision.

The case revolved around allegations by the SEC that Ripple Labs and its former and current executives conducted an unregistered securities offering worth $1.3 billion through the sale of XRP, a cryptocurrency created by Ripple's founders in 2012.

This legal battle has garnered significant attention in the cryptocurrency industry, as it challenges the SEC's claim that the majority of crypto tokens are securities and subject to strict investor protection regulations. Although the SEC has initiated over 100 enforcement actions related to cryptocurrencies, often alleging that certain tokens qualify as securities, most cases have resulted in settlements. In the rare instances that have proceeded to court, judges have generally sided with the SEC, affirming that the crypto assets in question are securities.

 Unlike commodities, securities require extensive disclosures from issuers and must be registered with the SEC since they are heavily regulated. Judge Torres ruled that the sale of XRP on public cryptocurrency exchanges by Ripple did not constitute an offer of securities under the law.

She reasoned that buyers participating in "blind bid/ask transactions" could not determine if their payments went to Ripple or other XRP sellers. To support her decision, Torres referenced a U.S. Supreme Court case investment of money in a common enterprise with profits to come solely from the efforts of others.

However, the sales conducted by Ripple's executives, including Garlinghouse and former CEO Chris Larsen, as well as other distributions such as employee compensation, were also determined not to involve securities. The SEC achieved a partial victory when Judge Torres concluded that Ripple's sales of XRP, totaling $728.9 million, to hedge funds and sophisticated buyers constituted unregistered securities sales unaware of XRP's classification as a cryptocurrency.

 Torres clarified that the SEC is not obligated to provide individual or industry-level warnings to all potential violators. Legal expert Gary DeWaal believes that this ruling will aid Coinbase in its ongoing SEC case, emphasizing its significance as a pivotal moment for the industry based on market reactions.

To address the ambiguity surrounding tokens, the crypto industry advocates for legislation that would establish clear guidelines, leading to renewed calls for Congress to provide clarity regarding the legal status of digital assets. 

Republican House Majority Whip Tom Emmer, in a Twitter post, hailed the ruling as proof that "a token is separate and distinct from an investment contract it

 Reporting by Jody Godoy, Chris Prentice, Tom Hals; Editing by Chizu Nomiyama, Conor Humphries, LesliAdler, and David Gregorio.


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