A few minutes ago it was reported that Judge Torres has ruled in favor of Ripple in their legal battle against the United States Securities and Exchange Commission (SEC). The ruling stated that the sale of XRP by Ripple does not fall under the category of investment contracts, which is a significant victory for the company.
This case had been dragging on for over three years, making the favorable ruling even more pivotal. The market responded swiftly to the news, causing a rapid increase in the price of XRP.
Also Read : XRP Becomes Third Most Traded Token As Ripple Case Verdict Nears
A Twitter user by the name of db wrote, “Ripple Sales of XRP Do Not Constitute Offer of Investment Contracts: Judge.” However, further details are awaited.
Ripple’s institutional sales were considered unregistered securities transactions by the court, and they amounted to $728 million. However, the court did not classify programmatic sales and other sales as securities transactions. These non-securities transactions totaled $1.366 billion
Attorney Drew Hinkes wrote, “#Ripple summary judgment entered. Looks like institutional sales were sales of security, but other sales were not. Mandatory reading.”
In addition to the recent ruling in favor of Ripple, it is expected that the court will soon make another announcement regarding the upcoming proceedings in the case. This separate announcement will provide specific information regarding the date of the next hearing and any preliminary hearings that are scheduled to take place.
The judge’s ruling in the Ripple case has big implications for the cryptocurrency market. It suggests that not all digital tokens are considered securities when sold to the public. This could bring more freedom to buy and sell cryptocurrencies and change how the crypto market works.
Source: https://coinpedia.org/news/ripple-vs-sec-verdict-is-out-judge-torres-rules-in-favor-of-ripple/