In a resounding victory against the SEC, Ripple CEO Brad Garlinghouse continues to extol the recent court ruling that classified XRP as a non-security asset. Garlinghouse expressed his profound gratitude to the Ripple team for their triumph, proclaiming the court’s decision as an unequivocal win not only for Ripple but also for the entire United States crypto industry.
Garlinghouse’s elation was evident in his response to Ripple’s tweet announcing Judge Analisa Torres’s ruling. He firmly believes that this victory marks a significant milestone for Ripple in its ongoing legal battle with the SEC.
Read Also: Attorney John Deaton is Confident Ripple and XRP Victory Will Not Be Revoked. Here’s why
Brad Garlinghouse tweeted, “It’s been less than a week since the decision dropped, and I’m still overwhelmed with gratitude for (and hugely proud of) this team. An unequivocal win for Ripple and for crypto in the US. That’s the bottom line.“
It’s been less than a week since the decision dropped, and I’m still overwhelmed with gratitude for (and hugely proud of) this team.
An unequivocal win for Ripple and for crypto in the US.
That’s the bottom line. https://t.co/l8AixV1xnO
— Brad Garlinghouse (@bgarlinghouse) July 19, 2023
A Groundbreaking Verdict Defending XRP
According to a recent blog post by Ripple, the court’s declaration that XRP is not a security represents a monumental triumph over the SEC. Ripple emphasized that the core question of the case, initiated by the SEC in December 2020, revolved around whether XRP should be classified as an investment contract or a security.
Ripple made it clear that the court categorically asserted that XRP, as a digital token, does not inherently qualify as a security. This ruling effectively discredits the SEC’s misguided theory that crypto tokens are automatically deemed securities. Ripple firmly believes that this decision holds significant legal merit and provides crucial clarity for the entire cryptocurrency industry.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Ripple’s Notable Achievements
In addition to the declaration of XRP as a non-security, Ripple underscored the various victories it achieved throughout its protracted legal dispute with the SEC.
According to the company, the court also ruled that XRP sales conducted by Ripple executives and the distribution of the token to developers, charities, and employees were not considered securities.
These favorable rulings further strengthen Ripple’s position and affirm its commitment to regulatory compliance and transparent operations.
A Call to Action for Congress
Commenting on the court’s ruling, Garlinghouse argued that it deals a significant blow to the SEC’s strategy of enforcing regulations. He hopes this verdict will serve as a wake-up call for Congress to provide clear and comprehensive guidelines for the US cryptocurrency industry. US Congressman Mike Flood echoed Garlinghouse’s sentiment, emphasizing the urgency of establishing regulatory certainty.
Ultimately, the recent summary judgment decision by Judge Torres validated Ripple’s stance that XRP itself is not a security. The judge declared that while the token may not qualify as a security during programmatic sales on digital asset exchanges, it does meet the criteria when offered and sold to institutional investors. Judge Torres determined that Ripple’s previous direct sales of XRP to institutional clients satisfied the Howey Test factors.
Read Also: Ripple Discussed Adoption of Crypto and XRP Utilities With the UK Government: Details
Garlinghouse’s Perspective on the Court’s Ruling
While some might consider Judge Torres’ decision a split victory for Ripple due to her ruling on the company’s past direct sales of XRP to institutional investors, Garlinghouse vehemently disagrees. He contends that the court’s ruling represents a complete loss for the SEC, standing as a significant triumph for Ripple and the broader cryptocurrency industry.
Garlinghouse’s confidence and enthusiasm remain unwavering, as he looks forward to a future where regulatory clarity prevails and the US crypto industry can flourish without ambiguity.
Follow us on Twitter, Facebook, Telegram, and Google News
