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- The ruling was issued nearly three years after the SEC initially lodged its complaint.
- As a result of the decision, XRP has been reinstated on prominent crypto exchanges.
Following Ripple’s significant legal victory, CEO Brad Garlinghouse took to Twitter to convey his gratitude for the team and the outcome. Garlinghouse stated that this ruling represents an “unequivocal win for Ripple and for crypto in the US,” indicating that it may have extensive implications for the entire cryptocurrency sector.
It’s been less than a week since the decision was announced, and I’m still filled with appreciation for (and immensely proud of) this team.
An unequivocal win for Ripple and for crypto in the US.
That’s the bottom line. https://t.co/l8AixV1xnO— Brad Garlinghouse (@bgarlinghouse) July 19, 2023
A significant achievement for Ripple and the wider U.S. crypto landscape, the ruling was made nearly three years after the Securities and Exchange Commission (SEC) first filed its complaint.
Major Influence on Upcoming Regulations
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A classification as a security would have subjected Ripple’s digital asset, XRP, to increased regulatory oversight. However, the court’s ruling on July 13 clearly determined that XRP is not a security. This landmark verdict not only absolves Ripple of the SEC’s allegations but will also likely shape how cryptocurrencies are regulated across the United States.
This historic win against the SEC could influence the classification of other cryptocurrencies, thereby decreasing the chances of future regulatory disputes. This success may signify a pivotal moment in the nation’s changing viewpoint and strategy regarding cryptocurrency regulation.
Additionally, after SEC Chairman Gary Gensler faced criticism from Ripple’s chief legal officer Stuart Alderoty for purportedly misinterpreting the law and the Howey Test, Garlinghouse added his own critiques. The Howey Test is the Supreme Court’s established criterion for determining whether transactions qualify as genuine “investment contracts.”
Following Ripple’s partial victory over the SEC, XRP, the company’s native cryptocurrency, experienced a significant surge in value. As a result of this successful legal endeavor, XRP has been reinstated on major cryptocurrency exchanges, resulting in a rise in both demand and trading volume.
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