On July 13, Judge Analisa Torres of the Southern District of New York’s United States District Court rendered a decision in favor of Ripple Labs in a dispute brought by the Securities and Exchange Commission that dates back to 2020.
Judge Torres has given summary judgment in favor of Ripple Labs, allowing that the XRP cryptocurrency is not a security, according to documents filed on July 13.
The SEC complaint claimed that because XRP was a security, it needed further regulation and tried to compel Ripple to stop selling its XRP cryptocurrency.
After the news was announced, the price of XRP shot up from $0.45 to $0.61 in a couple of minutes. As of the publication date of this article, this increases the token by more than 25%.
Since the SEC sued Ripple and its two senior executives, Brad Garlinghouse and Chris Larsen, in December 2020 on claims the business was marketing an unregistered securities, the lawsuit against Ripple has been ongoing.
The case has had its fair share of dramatic intrigue over the last three years, including the publication of the “Hinman Documents” and persistent resistance from Garlinghouse against the SEC’s claims.
The overall mood in the crypto community seems to be one of joy, which is supported by the tangible movement seen by the XRP token pumping on the news.