Ripple wins SEC case as judge rules XRP as not a security
Per Coin Telegraph
Ripple Labs scored its first victory in the US against the SEC regarding XRP. The judge ruled that XRP, the crypto by Ripple, wasn't a security.
The ruling was that institutional sales of XRP weren't securities. The decision comes from Judge Torres, who gave the decision on July 13, regarding the token not being a security.
Here's what the court documents read:
"Defendants’ motion for summary judgment is GRANTED as to the Programmatic Sales, the Other Distributions, and Larsen’s and Garlinghouse’s sales, and DENIED as to the Institutional Sales."
This was after the SEC filed a lawsuit against Ripple aiming to stop the offering of the XRP token. This was under the premise that, according to claims, XRP was a security, which meant it needed additional regulation.
In December, it was reported that former Alameda Research CEO Caroline Ellison had hired a former SEC official, lawyer Stephanie Avakian. Avakian was reportedly present in the Ripple Lab cases.
In related news, in May, US Rep. Brad Sherman said that Crypto bros "made over a trillion dollars out of thin air." He noted that this comes as they accused the government of the same thing but noted that "maybe we don, but we're the US government.
See flow at unusualwhales.com/flow.
Other News:
- Caroline Ellison hires former SEC lawyer to defense
- “Crypto bros ... made over a trillion dollars out of thin air,” U.S. Rep. Brad Sherman has said at a House hearing
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