In an unequivocal victory for the cryptocurrency market, Judge Annalisa Torres of the Southern District of New York has delivered a decisive ruling in the SEC vs. Ripple case.
The judge ruled that Ripple sales and other distributions of XRP on public exchanges did not qualify as investment contracts, sparking widespread celebration among crypto industry luminaries.
SEC vs. Ripple: A Celebration of Crypto Industry Leaders
Gemini co-founder Cameron Winklevoss paid tribute to rule as a “watershed moment” that fundamentally redefines the SEC’s jurisdiction over digital assets.
“Selling XRP on exchanges is not a guarantee. This means that sales of all cryptocurrencies on exchanges are not securities and that the SEC and Gary Gensler have no jurisdiction over them.” He said Winklevoss.
Echoing those sentiments, defense attorney James K. Phelan on the broader implications of the judgment on secondary market sales.
“This, to me, is the most important part of the decision. Automated sales are not securities, and because the automated buyer was in the same position as the secondary market buyer, secondary market sales are not investment contracts — they are not securities,” He said two elephants.
US Congressman Tom Emmer also highlighted the importance of the decision. He noted that it sets a major precedent in distinguishing the token from any investment contract it may or may not be a part of.
“The Ripple case is a massive development…now, let’s make it law.” He said Emir.
The distinction between Ripple’s institutional sales and bot sales formed the core of the court’s ruling. Analyst Lex Moskovsky opinion It is “a rare win for the little guy, for once”.
This sentiment is echoed by Adam Cochran, partner at Cinneamhain Ventures, who celebrate The verdict as “a surprisingly big win for XRP.”
click here Read more about how XRP price almost doubled after pivotal victory in SEC lawsuit.
Other notable figures in the crypto community have also shared their endorsement. For example, Cardano founder Charles Hoskinson congratulated Ripple on achieving this important milestone.
Well done XRP. One small step for XRP, one giant leap for cryptocurrency.” He said Hoskinson.
Placeholder Partner Chris Burniske highlighted the ripple effect this ruling could have on the broader market.
“If XRP is not a security… ETH is not a security, BNB is not a security, ADA is not a security, SOL is not a security, MATIC is not a security, ATOM is not a security, FIL is not a security, ICP is not a security… and so on,” He said Burnsky.
Ripple CEO Brad Garlinghouse expressed the excitement felt by the cryptocurrency community. He highlighted the precedent set by the ruling.
“XRP, as a digital token, is not in and of itself a ‘contract, (or) transaction, or scheme’ that embodies Howey’s requirements for an investment contract. This is now a matter of law.” He said Garlinghouse.
All in all, the ruling marks an important milestone in the SEC vs. Ripple battle, defining a new era for cryptocurrency regulation. The decision represents a huge victory not just for Ripple, but for the entire cryptocurrency community.
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