Ripple Labs has secured a major legal victory in its ongoing battle with the U.S. Securities and Exchange Commission (SEC).
A federal judge ruled that XRP, the native cryptocurrency of the Ripple network, is not a security, dismissing the SEC’s allegations that Ripple conducted an unregistered securities offering.
This ruling has had a profound impact on the crypto market, with XRP’s price surging over 50% within hours of the announcement.
The decision is seen as a significant precedent for other cryptocurrencies facing similar regulatory scrutiny.
Ripple’s CEO, Brad Garlinghouse, stated that this victory paves the way for further innovation and adoption of blockchain technology in the financial sector.
The case continues to unfold, but the ruling marks a crucial moment in the ongoing debate over cryptocurrency regulation in the United States.
