Ripple Labs scored a victory in the U.S. District Court for the Southern District of New York on July 13, as Judge Analisa Torres ruled in favor of the company in a case brought by the Securities and Exchange Commission that date of 2020.
According to documents filed on July 13, Judge Torres has granted a summary judgment in favor of Ripple Labs that allows the XRP token (XRP) not to be a security.
The SEC’s lawsuit sought to force Ripple to stop offering its XRP token under the premise that XRP was a security and thus required additional regulation.
According to court documents seen by Cointelegraph:
“Defendants’ motion for summary judgment is GRANTED as to programmatic sales, other distributions, and sales by Larsen and Garlinghouse, and DENIED as to institutional sales.”
Within minutes of the news, the price of XRP has gone from $0.45 to $0.61. This puts the token up more than 25% at the time of this article’s publication.
The case against Ripple has been ongoing since December 2020, when the SEC sued Ripple and its two chief executives, Brad Garlinghouse and Chris Larsen, over allegations that the company offered an unregistered security.
Over the past three years, the case has had its fair share of dramatic intrigue, including the release of the “Hinman Papers” and the ongoing challenge to Garlinghouse’s SEC allegations.
Along with the palpable movement shown by the XRP token on the news, the general sentiment in the crypto community seems to be one of jubilation.
