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Crypto Industry's Win: Ripple Triumphs In Sec Lawsuit
The recent court ruling on the SEC's lawsuit against Ripple and its executives is a significant victory for the entire U.S. crypto industry. The court unequivocally stated that XRP, as a digital token, is not a security, debunking the SEC's misguided theory that crypto tokens are inherently securities. Ripple's CEO, Brad Garlinghouse, sees this decision as a turning point for Congress to establish clear rules for crypto in the U.S.
The court further clarified that Ripple's XRP sales on exchanges, sales by its executives, and distributions to developers, charities, and employees are not securities. This distinction between the token and its sale method will have profound implications for the classification of digital tokens in the country going forward.
However, the court proceedings are ongoing for certain contractual sales to institutional investors, which the court deemed as securities. Nevertheless, Ripple remains committed to advocating for sound crypto regulation in the U.S. and will continue investing in jurisdictions with clear regulatory frameworks. The company recently obtained an In-Principle Approval for a Major Payments Institution License from the Monetary Authority of Singapore, and various foreign regulators have already ruled that XRP is not a security.
More Information : https://www.techdogs.com/tech-news/business-wire/landmark-victory-for-ripple-and-the-entire-crypto-industry-in-sec-lawsuit
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