XRP Day: Ripple CEO and CLO Lauds Special XRP Day Event
On July 13, key figures from Ripple, along with the broader XRP community, marked the one-year anniversary of Judge Analisa Torres’ summary judgment in the SEC lawsuit.
Overview: Importance of the Day
The significance of this date lies in the partial legal victory Ripple secured against the U.S. Securities and Exchange Commission (SEC) on July 13, 2023. Judge Analisa Torres ruled that XRP itself does not constitute a security and determined that certain XRP-related transactions, which the SEC claimed to be securities, did not meet that classification.
Nevertheless, the court found that Ripple’s institutional sales of XRP violated Section 5 of the Securities Act. This particular aspect of the ruling is currently undergoing review in the remedies phase of the lawsuit. Despite this, Ripple views Judge Torres’ summary judgment decision as a victory for XRP.
Ripple CEO Takes for the Day
Recently on a post on X, Ripple CEO Brad Garlinghouse and other proponents of XRP marked the legal triumph one year after the summary judgment was issued. Garlinghouse remarked on the highly favorable nature of July 13 for Ripple and the wider industry. He emphasized Ripple’s commitment to challenging the SEC and criticized Gary Gensler’s leadership for unfairly targeting the crypto industry.
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XRP’s Non-Security Status Remains Unquestionable
Ripple’s Chief Legal Officer, Stuart Alderoty, noted that the court’s ruling has established as a legal fact that XRP cannot inherently be classified as a security. He highlighted the ruling’s impact on other crypto-related lawsuits and expressed frustration at the lack of legislative progress in the U.S. crypto industry.
Meanwhile, Alderoty affirmed that the court’s declaration that XRP is not inherently a security remains unchallenged, recognized by the SEC. He cautioned against being influenced by the SEC’s persistent efforts to entangle Ripple and the industry in prolonged litigation, indicating that the SEC’s room for manoeuvring in this matter is diminishing.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
