- The long-standing dispute over Ripple’s XRP security status ends with US District Judge Analisa Torres ruling in favor of XRP.
- The groundbreaking verdict could potentially disrupt the crypto industry, given the SEC’s enforcement-first policy towards digital asset regulation.
In a dramatic twist that has rocked the crypto industry, Ripple’s XRP was officially ruled not a security by US District Judge Analisa Torres, marking an end to the multi-year legal battle. The US Securities and Exchange Commission (SEC), which had previously taken legal action against Ripple’s executives over XRP’s security status, witnessed a significant setback as the court partially dismissed its motion against the digital asset.
The SEC had doggedly maintained its stance on XRP as a security, leading to an intense legal standoff with Ripple. With this historic ruling, a significant shift in the crypto regulatory landscape has unfolded. In a surprising move, Judge Torres ruled against the regulator’s claims, marking a turning point in the XRP saga.
Moreover, Torres identified the institutional sales of XRP by Ripple as securities. This verdict is poised to leave an indelible mark on the annals of cryptocurrency history, given that the SEC has hitherto followed an enforcement-first approach towards digital asset regulation. This could set a new precedent that influences a broad range of digital assets across the industry.
BOOOOOOOOOOOOOOOOOOOOOOOM!!!!!
Judge Torres: "#XRP IS NOT A SECURITY!"
Congratulations #XRPCommunity! pic.twitter.com/ksKCmlaojH
— JackTheRippler ©️ (@RippleXrpie) July 13, 2023
The ruling has ended the industry’s long anticipation, and it appears that a pivotal resolution has been reached with the judge’s landmark ruling today. Subsequently, the crypto market responded dramatically, with the XRP price skyrocketing by over 30% to hit $0.59. This surge demonstrates the market’s sensitivity to legal developments and emphasizes the critical role of regulatory clarity in shaping the future of digital currencies. Further details on the groundbreaking verdict are expected to unfold in the coming hours.
As the news of this landmark verdict began to spread across the globe, the cryptocurrency markets didn’t just take note – they roared in response. Ripple’s XRP, the digital asset now free from its contentious security status, witnessed a price surge unlike any other. In an explosive reaction to the ruling, XRP’s price skyrocketed by an astounding 30%, hitting $0.59 per token.
