As a long-term crypto investor with experience in navigating the volatile and often uncertain market, I can’t help but feel elated when reflecting on July 13, 2023. That day was a turning point for Ripple and the entire cryptocurrency industry. The landmark court decision in SEC v. Ripple Labs Inc., declaring that XRP is not a security, brought a renewed sense of hope and validation to the crypto community.
Ripple CEO Brad Garlinghouse has reflected on the landmark historic XRP ruling in the SEC lawsuit.
Approximately one year ago, on July 13, 2023, the Securities and Exchange Commission versus Ripple Labs Inc. case reached a significant milestone with the court ruling that XRP should not be classified as a security.
On July 13, 2023, Ripple and the crypto world experienced a noteworthy moment, one I’ll always cherish. For Ripple, it was an exceptional day. Personally speaking, it left a deep imprint on me.
On July 13, 2023, Ripple and the industry experienced a noteworthy victory in our long-standing battle against an oppressive force. This day holds a significant place in my memory as well.
— Brad Garlinghouse (@bgarlinghouse) July 12, 2024
As a crypto investor, I’ve consistently maintained that Ripple is operating within the legal framework and will ultimately be recognized for its role in shaping the industry: “From the outset of this lawsuit, I’ve been confident that Ripple was on the right side of the law and would make history as a pioneer in the crypto space.”
The CEO of Ripple strongly criticized the Securities and Exchange Commission (SEC) for attempting to stifle the cryptocurrency industry through failed lawsuits, misleading statements, defamation, and intimidation. According to him, these actions were unjust then, and they remain unjust now.
Historic ruling for XRP
On July 13, 2023, the court made it clear that XRP does not equate to a security in its own right. Following this announcement, major cryptocurrency exchanges such as Coinbase, Kraken, and Bitstamp enabled XRP trading on their U.S. platforms. As a result, the demand for XRP increased, leading to a surge in its price and trading volume.
As a crypto investor, I’d interpret the court ruling this way: I own XRP tokens, which are not classified as securities by default. Ripple’s method of distributing XRP – be it through sales on exchanges, executives, or to developers, charities, and employees – is considered non-security transactions.
Certain institutional sales by Ripple were deemed investment contracts and therefore securities.
In their ruling, the Court rejected Ripple’s argument on the fair notice defense for institutional sales but kept it open for consideration regarding other transaction types in the ongoing case. The Court pointed out that the SEC’s arguments on this matter could potentially clash with their past enforcement actions involving digital assets.
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2024-07-13 17:56