Ripple Labs scored a huge win today (Yaay!!) in their years-long legal battle against the SEC (too long!). A federal judge ruled that Ripple's XRP token is not a security - meaning it does not need to come under additional SEC regulation. This decision is a landmark for the crypto industry. (Fill-up your bags!)
The SEC filed a lawsuit against Ripple and its executives back in 2020. They claimed that selling XRP was essentially selling an unregistered security. Ripple strongly disagreed with that claim and kept arguing their case for 3 years.
The judge's decision today means Ripple can continue selling and operating XRP just like any regular cryptocurrency. This is a major setback for the SEC who just couldn't prove that XRP sales amounted to offering investment contracts. Coincidentally, the news sent XRP's price flying up over 25% within minutes!
Everyone knew this was an important precedent-setting case that would affect how the SEC regulates other cryptocurrencies going forward. Ripple scores a huge win while the SEC takes a big L on this one.
Investors cheered the news by driving XRP's price up over 70% in the hours after the judge's ruling. It quickly re-entered the top 5 cryptocurrencies by market cap and continued surging higher(going up).
With this legal victory, Ripple and XRP's future is much brighter. It can now rightfully claim a spot among the top major cryptocurrencies. All thanks to today's landmark decision that cleared XRP of being a "security".
- This news marks a major legal victory for Ripple and a slam for the US SEC, which was unable to establish that the sales of XRP constituted an investment contract, and not just for Ripple it's also great for the whole cryptocurrency industry and coins currently embroiled with SEC.
- XRP investors have taken the news incredibly positively, as the cryptocurrency has soared immediately since the news broke out.
It has now entered the top 5 largest cryptocurrencies by means of total market capitalization and continues trending higher.
On an unrelated note:
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