Judge Analisa Torres Declares XRP Is Not A Security
The historic decision brings an end to a three year legal battle between Ripple Labs and the U.S SEC. The judge granted the motion for summary judgment on Programmatic Sales, Other Distributions, and sales by Larsen and Garlinghouse, but denied it for Institutional Sales.
This decision is not only a victory for Ripple but also for the entire crypto market, which reached over $1.20 trillion in value shortly after the ruling. Following the ruling, Coinbase announced that it would resume trading XRP. This outcome is seen as positive not only for Ripple but also for other crypto companies facing regulatory scrutiny, including Coinbase itself.
Additionally, Jacobi Asset Management plans to launch the first Spot Bitcoin ETF in Europe on the Euronext Amsterdam later this year, while heavyweight firms like BlackRock are awaiting approval for a similar ETF in the U.S. This ruling also establishes the legal status of XRP.
It is worth noting that the SEC may still appeal the decision, prolonging the legal battle. Nevertheless, the victory is a boost for the company, which has consistently argued that XRP is a legitimate cryptocurrency for cross-border payments, not subject to SEC regulation.
The court relying on the Howey test to determine investment contracts dealt a major blow to the SEC case, as it failed to prove that XRP sales met the criteria. Despite the damage caused by the legal battle, including delistings and a decline in value, the win has had a positive impact on the price of XRP which experienced a massive surge following the court ruling.
Analysts predict that XRP could potentially reach the $1 mark, and the victory provides regulatory clarity and may attract a large number of institutional investors who were initially cautious due to the lawsuit.
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