Crypto industry leaders are applauding Ripple after a judge ruled that XRP is not a security. The landmark decision by New York Judge Analisa Torres comes as a major victory for Ripple in the ongoing lawsuit with the Securities and Exchange Commission (SEC). Judge Torres’s summary judgment clarifies the long-standing debate surrounding the classification of XRP, stating that only institutional sales can be considered securities.
This ruling has garnered praise from prominent figures in the crypto space, including Gemini co-founder Cameron Winklevoss, Cardano founder Charles Hoskinson, and Tron founder Justin Sun. They see Judge Torres’s decision as a positive development for the entire industry.
Hoskinson took to Twitter to acknowledge the impact of Ripple’s victory, describing it as a “giant leap for cryptocurrencies.” Sun also extended congratulations to Ripple CEO Brad Garlinghouse and his team. Winklevoss emphasized that the sale of XRP on exchanges is not a security, thus expanding the implications beyond Ripple’s specific case.
Furthermore, this verdict has had a significant impact on XRP’s price, leading to a 73% rally. As of the time of writing, XRP is trading at $0.80. Additionally, the judgment has set a crucial legal precedent for the SEC’s ongoing lawsuits against major exchanges Binance and Coinbase. Several tokens, including ADA, SOL, and MATIC, are now being identified as securities, leading to an increase in their prices following the ruling in the SEC v Ripple case.
This ruling not only brings clarity to the regulatory landscape surrounding XRP but also carries broader implications for the entire crypto industry. It signifies a step towards greater recognition and acceptance of cryptocurrencies by the legal system. Many believe that this landmark decision relegates the SEC to being a regulator of traditional finance, signaling a shift in the industry and paving the way for continued growth and innovation.
Overall, Ripple’s victory in the courtroom has been met with widespread enthusiasm and support from crypto leaders. It highlights the importance of regulatory clarity and serves as a significant milestone in the evolution of the cryptocurrency industry.