CEO Brad Garlinghouse recently opined that the case would end soon, but the fight for crypto wasn’t over yet.
Ripple Labs scored a victory in the United States district court in the southern New York district on July 13 as judge Analisa Torres ruled in favor of the company in a case brought forth by the SEC dating back to 2020.
According to documents filed on July 13, Judge Torres has granted summary judgment in favor of Ripple Labs allowing that the Ripple (XRP) token is not a security.
The SEC lawsuit sought to compel Ripple to stop offering its XRP token under the premise that XRP was security and, thus, required additional regulation.
Per court documents viewed by Cointelegraph:
“Defendants’ motion for summary judgment is GRANTED as to the Programmatic Sales, the Other Distributions, and Larsen’s and Garlinghouse’s sales, and DENIED as to the Institutional Sales.”
Within a matter of minutes after the news broke, the price of XRP has catapulted from $0.45 to $0.61. This puts the token up over 25% as of the time of this article’s publishing.
The case against Ripple has been ongoing since December 2020 when the SEC sued Ripple and its two chief executives, Brad Garlinghouse and Chris Larsen over allegations the company was offering an unregistered security.
Over the past three years, the case has had its fair share of dramatic intrigue including the release of the “Hinman Documents” and ongoing defiance in the face of the SEC’s accusations from Garlinghouse.
Along with the palapable movement demonstrated by the XRP token pumping on the news, the overall sentiment across the crypto community appears to be one of jubilation.