Key Points

  • Ripple wins in its case against the US SEC as a US judge rules that it’s not a security.
  • Per July 13 filing, Judge Torres has given Ripple an early win in his ruling that XRP should not be classified as a security.

Ripple has scored a win in the Southern District of New York after the Judge presiding over SEC vs Ripple ordered that XRP is not a security. This filing has sent the crypto token exploding 60% in minutes.

Ripple XRP explodes by 60%

Judge Torres, who has been presiding over the case between SEC and XRP, has handed the latter a win in a monumental way. He first predated the release of Hinman documents which showed ignorance of the law by the US SEC, tipping the odds of winning the case to XRP.

Now, the Judge has filed a ruling saying:

“The defendant’s motion for summary judgements is GRANTED as to the programmatic sales and Other Distributions, Larsen’s and Garlinghouse’s sales, and DENIED as to the Institutional Sales.

Within minutes, the coin exploded by over 60% as the crypto space received the news rather happily. This landmarking ruling was well awaited as the crypto space felt that the SEC was playing foul on the industry and seeking to smother it for greedy reasons.

Some notable names have hit back at the SEC as they await the Coinbase and Binance rulings, where SEC says that over 6o crypto assets, including XRP, are securities. Gemini’s Cameron Winklevoss has called the SEC out, telling them to focus on the TradFi sector and let crypto be regulated more meaningfully.

Keep watching Fintech Express for more updates on this and other fintech-related developments.