XRP soars 61% after US judge says crypto not sold as a security

XRP soars 61% after a judge says the cryptocurrency is not a security in a big win over the SEC

that could have a big impact on the broader crypto industry going forward.

"XRP, as a digital token, is not in and of itself a 'contract, transaction{,} or scheme' that embodies the Howey requirements of an investment contract," Torres said. The key differentiator in the ruling is whether the sale of the XRP token was directly from Ripple to institutional investors, or if it was a secondary sale on a crypto exchange. that programmatic sales through algorithms on various crypto exchanges were not investment contracts, which was a big win for Ripple.

A motion for summary judgement filed by the SEC in its"aiding and abetting" allegations against Garlinghouse and Larsen was denied. The court said it"is not clear whether Larsen and Garlinghouse knew or recklessly disregarded that securities laws, rather than laws under other regulatory regimes, applied to XRP.""We said in Dec 2020 that we were on the right side of the law, and will be on the right side of history.

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