Top executives from Ripple have joined the wider XRP community in celebrating the first anniversary of Judge Analisa Torres’ summary judgment decision in the Securities and Exchange Commission (SEC) lawsuit. The decision, which was made on July 13, 2023, marked a significant legal victory for Ripple.
Judge Torres ruled that XRP itself is not considered a security, and that certain XRP-related transactions that the SEC claimed were securities were not. This includes the programmatic sales of XRP on secondary markets and other coin distributions. However, the court did find that Ripple’s institutional sales of XRP violated Section 5 of the Securities Act. This aspect of the ruling is currently being litigated in the remedies phase of the lawsuit.
Despite this, Ripple still views Judge Torres’ summary judgment decision as a complete victory for XRP. Ripple CEO Brad Garlinghouse took to social media platform X to express his joy about the ruling. He described July 13 as a great day for Ripple and the industry, and personally, as a significant memory. Garlinghouse commended Ripple for standing up against the SEC, whom he characterized as a bully unfairly targeting the crypto industry. He maintained that Ripple has always been on the right side of the law and history.
Garlinghouse also criticized SEC Chairman Gary Gensler’s leadership, accusing the agency of waging a war on crypto through failed lawsuits, defamation, misleading statements, and intimidation. However, he asserted that the SEC’s efforts have always been misguided and that the regulator cannot stifle the industry.
Ripple’s Chief Legal Officer (CLO), Stuart Alderoty, also reflected on Judge Torres’ ruling, considering it a pivotal moment that established, as a matter of law, that a token like XRP cannot be considered a security. He noted that this ruling has had implications for other crypto-related lawsuits, including the SEC v. Binance case. Alderoty expressed frustration with the ongoing token-by-token litigation and the lack of legislative progress in the US crypto industry, which has caused bipartisan frustration among policymakers.
Alderoty emphasized that the court’s determination that XRP is not a security remains unchallenged, as acknowledged by the SEC. He urged the community not to be distracted by the SEC’s continued efforts to entangle Ripple and the industry in litigation, asserting that the SEC’s runway for such actions is running out.
It is important to note that this article is for informational purposes only and should not be considered financial advice. The views expressed are the author’s personal opinions and do not necessarily reflect those of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions, and The Crypto Basic is not liable for any financial losses incurred.
