- Ripple (XRP) ruled not a security, one year ago on this day.
- Ripple anticipates industry resilience, despite ongoing litigation challenges.
As the cryptocurrency world marks a pivotal moment, Ripple enthusiasts are commemorating the first anniversary of a significant legal triumph. Stuart Alderoty, Ripple’s Chief Legal Officer, recently shared reflections ahead of this milestone, highlighting the impact of Judge Torres’ Summary Judgment in the SEC v Ripple lawsuit.
“At its core, this ruling affirmed that XRP, as a token, does not qualify as a security under the law,” Alderoty emphasized. This landmark decision not only validated its stance but also set a precedent affecting subsequent cases, including recent developments involving Binance. Alderoty critiqued the SEC’s approach under Chair Gensler, noting judicial rebukes of regulatory overreach.
Some reflections as we approach the one year anniversary of Judge Torres’ Summary Judgment decision in the SEC v Ripple lawsuit.
— Stuart Alderoty (@s_alderoty) July 12, 2024
First and foremost – it was a watershed moment to find as a matter of law, a token – in this case, XRP – in and of itself, is not a security.
This… https://t.co/0gh0EYhFZO
While acknowledging ongoing legal proceedings, Alderoty underscored the lasting significance of the court’s classification of XRP. “The SEC has conceded it won’t contest this conclusion,” he remarked, signaling a potential turning point in the regulatory landscape.
Despite continued legal skirmishes, Ripple remains resilient, fortified by community support, and optimistic about the industry’s future beyond current regulatory challenges.
In conclusion, Alderoty urged stakeholders to remain focused amid regulatory turbulence, asserting that Ripple and the broader crypto sector are poised to thrive.
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